Inflation enhances the 2023 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates...
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- May 3
- 2 min
Tax issues to assess when converting from a C corporation to an S corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S...
- Apr 12
- 2 min
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
Typically, businesses want to delay the recognition of taxable income into future years and accelerate deductions into the current year....
- Apr 5
- 2 min
Providing a company car? Here’s how taxes are handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax...
- Mar 29
- 2 min
Establish a tax-favored retirement plan
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow...
- Mar 22
- 3 min
The election to apply the research tax credit against payroll taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break...
- Mar 15
- 3 min
Does your business barter? Here are some facts you should know.
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services...
- Mar 8
- 2 min
Can you deduct the costs of a spouse on a business trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you...
- Mar 1
- 3 min
Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a...
- Feb 22
- 2 min
Important tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects...