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 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...
by KLPCPA | Dec 2, 2019 | Small Business, Taxes
Call Now Setup an Appointment With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to...
by KLPCPA | Nov 27, 2019 | Small Business, Taxes
Call Now Setup an Appointment At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax...
by KLPCPA | Nov 18, 2019 | Small Business, Taxes
Call Now Setup an Appointment A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to those whom you pay nonemployee...
