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, [...]
The deduction for expenses related to a home office can be attractive, but the rules can be confusing and often leave taxpayers wondering if they should bother with the deduction. Understanding the rules is key. Here we explain what you need to know, so that if you truly have a home office that meets the [...]
Did you buy property for your business in 2013? Sell stocks or mutual funds? Receive an inheritance? In all of these events, your total investment in the property – known as basis – can affect your tax return. For instance, say you purchased a copy machine for your business during 2013. The amount of depreciation [...]
Business owners have lots of questions when it comes to deciding whether to expense costs or capitalize fixed assets, such as: Can I expense a laptop computer that I purchased for $699 in the current year? What qualifies as standby emergency spare parts, and can I capitalize them for tax purposes? Can I use the [...]
At GS, we keep our clients apprised of their tax deadlines. However, it is always good to understand when some key deadlines occur. Please contact your tax advisor if you have any questions about the deadlines listed below or if you would like assistance in meeting them. January 10 Individuals: Reporting December 2013 tip [...]
If you withhold retainage (known as a portion of a contract's final payment withheld by a principal — client or owner — until the project is complete in all respects), from subcontractors, you may be able to defer some of your taxable income to future years. This opportunity stems from the way retainage payable is [...]
If you own your own business, consider the advantages of hiring your own child. This can be a great way to reduce the overall family tax bill by shifting income to children. If your child is doing a valid job and the pay is reasonable for the work performed, the business can claim a normal [...]
One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. In many cases, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership, or FLP, [...]
On January 1, 2013, the nation’s roller-coaster ride over the fiscal cliff with the expiration of the Bush era tax cuts was narrowly averted when Congress passed the American Taxpayer Relief Act (‘ATRA’) of 2012 (H.R. 8). The President signed the bill on January 2. ATRA permanently extends a number of the 2001, 2003 and [...]
Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, and business-related purchases of new vehicles may be eligible for bonus depreciation. But Sec. 179 expensing limits are scheduled to go down in 2013, and bonus depreciation is scheduled to disappear. So you might benefit from purchasing business vehicles before year [...]
