by KLPCPA | Mar 23, 2020 | Small Business, Taxes
Call Now Setup an Appointment Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to... 
by KLPCPA | Mar 9, 2020 | Small Business, Taxes
Call Now Setup an Appointment If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries... 
by KLPCPA | Feb 24, 2020 | Small Business, Taxes
Call Now Setup an Appointment If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes... 
by KLPCPA | Feb 20, 2020 | Small Business, Taxes
Call Now Setup an Appointment Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S... 
by KLPCPA | Feb 12, 2020 | Small Business, Taxes
Call Now Setup an Appointment Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. You may qualify for the pass-through deduction. To the extent your business generates... 
by KLPCPA | Feb 3, 2020 | Uncategorized
Call Now Setup an Appointment Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. How... 
by KLPCPA | Jan 28, 2020 | Small Business, Taxes
Call Now Setup an Appointment An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’... 
by KLPCPA | Jan 21, 2020 | IRS, Small Business
Call Now Setup an Appointment This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for... 
by KLPCPA | Jan 13, 2020 | Retirement, Small Business
Call Now Setup an Appointment As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored... 
by KLPCPA | Jan 6, 2020 | Small Business, Taxes
Call Now Setup an Appointment While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed... 
Coronavirus (COVID-19): Tax relief for small businesses
