Tips to determine “reasonable compensation” for corporate business owners
How to determine "reasonable compensation" for corporate business owners
Shareholder Karla Chavez Luna talks about Preparing for Tax Season
Heyler agent Kate Kennedy joins Jae Wu on Friday Facebook Live! They'll chat with Gumbiner Savett shareholder, Karla Chavez Luna, CPA, MST, about preparing for tax season and how homebuyers can benefit from working with a CPA before starting a home search. Watch it on Facebook Live - Friday, February 19th at 10 am!
Businesses can benefit from the enhanced Employee Retention Tax Credit
Can your business benefit from the enhanced Employee Retention Tax Credit?
Are you qualified to take the qualified business income (QBI) deduction?
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well [...]
Depreciation tax savers for small businesses
The Section 179 deduction provides a tax benefit to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.
Businesses should be aware of the potential tax implications of PPP loans
Understanding CARES Act and PPP If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to [...]
School expenses may be tax deductible for teachers
Although the school may look a little different this year, the IRS is advising eligible teachers and other educators that they can still deduct certain unreimbursed expenses on their tax return next year. IRS: Educator Expense Deduction, Topic Number 458. Who is considered an eligible educator: The taxpayer must be a kindergarten through grade 12 [...]
Bartering is a taxable transaction even if no money changes hands
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. In addition, if you [...]
Four Retroactive Tax Relief Opportunities for your Business from the CARES Act
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Four Retroactive COVID-19 Business Relief Provisions The Coronavirus Aid, Relief and Economic Security (CARES) Act, which [...]
Thorough business records are important for tax deductions and painless IRS audits
Small businesses: take a proactive approach to recordkeeping If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re [...]
