by KLPCPA | Oct 8, 2018 | Small Business, Taxes
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some...
by KLPCPA | Oct 1, 2018 | Small Business, Taxes, Uncategorized
Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential...
by KLPCPA | Sep 24, 2018 | Small Business, Taxes
Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get...
by KLPCPA | Sep 17, 2018 | Small Business, Taxes
Does your business reimburse employees’ work-related travel expense? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more...
by KLPCPA | Aug 13, 2018 | Small Business, Taxes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash accounting method, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use...
by KLPCPA | Jul 31, 2018 | Small Business, Taxes
Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to...
by KLPCPA | Jul 24, 2018 | Small Business, Taxes
Meal, vehicle, and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally...
by KLPCPA | Jul 17, 2018 | Taxes
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S...
by KLPCPA | Jul 11, 2018 | Small Business, Taxes
For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But...
by KLPCPA | Jul 11, 2018 | Small Business, Taxes
You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt...
