/Tag: tax planning for small business

Depreciation tax savers for small businesses

By |2020-12-02T17:09:34+00:00December 2nd, 2020|Categories: COVID 19, Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , |

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.

Is your hobby providing you profit during COVID-19?

By |2020-08-23T14:59:17+00:00August 24th, 2020|Categories: Business Advice, COVID 19, Creative, Tax Cuts and Jobs Act|Tags: , , , , |

Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people, stay-at-home parents and those who have been laid off or taken a pay cut during the COVID-19 crisis. For example, [...]

Thorough business records are important for tax deductions and painless IRS audits

By |2020-06-17T23:45:12+00:00June 17th, 2020|Categories: Audit & Accounting, Business Advice, Tax Planning|Tags: , , , , |

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 [...]

Transfer your family business the tax-smart way

By |2017-05-24T13:42:04+00:00November 10th, 2016|Categories: Estate & Trusts|Tags: , , |

Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances. If your net worth is well within the estate tax exemption, you might focus on reducing income taxes. But if [...]

Providing Tax-Free Benefits to Employees

By |2017-07-27T19:41:55+00:00August 8th, 2016|Categories: Tax Planning|Tags: , , , |

One way to attract and retain valuable employees is to offer the best compensation package possible. An important part of any compensation package is fringe benefits, especially those that are tax-free to your employees. One of the most important fringe benefits is health insurance. Disability, life, and long-term care insurance can also be important in [...]

Large Changes to Overtime Rules Handed Down by DOL

By |2017-05-24T13:42:07+00:00May 25th, 2016|Categories: News, Tax Planning|Tags: , , , , , , |

The U.S. Department of Labor (DOL) has made dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as “white-collar workers” — are entitled to overtime pay under the Fair Labor Standards Act (FLSA). The new rules will make it more difficult for employers to classify employees as exempt from [...]

California Competes Tax Credit Wants to Help Businesses

By |2017-05-24T13:42:15+00:00July 22nd, 2015|Categories: Tax Planning|Tags: , , , , |

The California Franchise Tax Board is looking to attract new businesses to the California and help existing ones grow through The California Competes Tax Credit. It is an income or franchise tax credit available to businesses that come to California or stay and grow in California. Tax credit agreements will be negotiated by the Governor's Office of Business and Economic Development (GO-Biz) and approved by a statutorily created “California Competes Tax Credit Committee.” The committee consists of the Director of GO-Biz

The Cents in Sensibility: Tax-cutting Strategies

By |2017-05-24T13:42:18+00:00February 25th, 2015|Categories: Tax Planning|Tags: |

ho doesn’t like the idea of saving on taxes? We all look for ways to lessen our tax burden, but it can be easy to let the idea of tax savings overrides basic economics. Not all tax-cutting strategies make good financial sense.

Six Questions to Ask Before Borrowing Money From Your Closely Held Corporation

By |2017-05-24T13:42:23+00:00July 7th, 2014|Categories: Business Advice|Tags: , , , , , |

Borrowing from your closely held corporation may seem simple, but without proper planning it can be painfully expensive. The IRS often reviews such loans to determine if they’re merely disguised cash withdrawals. For example, the IRS may retroactively  treat an improperly structured loan as a dividend, which would be taxable to you and not deductible [...]

Tax Deductions for Summer Business Trips

By |2017-05-24T13:42:24+00:00May 7th, 2014|Categories: Tax Planning|Tags: , , , , , |

Do you plan on mixing pleasure with business on a trip this summer? Maybe you plan to stay a few extra days after the business is done, or bring along family members?   From a business travel tax planning perspective, keep in mind this basic concept: The primary purpose of the travel must be business-related. Otherwise, [...]

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