by KLPCPA | Feb 4, 2019 | Small Business, Taxes
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more...
by KLPCPA | Jan 14, 2019 | Small Business, Taxes
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense...
by KLPCPA | Dec 26, 2018 | Small Business, Taxes
Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future. For example, you need...
by KLPCPA | Nov 26, 2018 | Small Business, Taxes
The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them holiday gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the...
by KLPCPA | Nov 26, 2018 | Small Business, Taxes
Recently, the Internal Revenue Service issued a warning about “tax transcript,” email phishing scams. These recent scams put both individuals and businesses in danger. It is important to remember that the IRS “does not send unsolicited emails to the...
by KLPCPA | Nov 19, 2018 | Small Business, Taxes
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash accounting method for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible...
