/Tag: tax planning for small business

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, [...]

Understanding the Home Office Deduction

By |2017-05-24T13:42:25+00:00March 19th, 2014|Categories: Articles, Business Advice, Tax Planning|Tags: , , , , , , , , |

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 [...]

“Basis” is an Important Tax Concept

By |2017-05-24T13:42:26+00:00March 10th, 2014|Categories: Articles, Business Advice, Tax Planning|Tags: , , , , , |

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 [...]

Final Tangible Property Repair Regulations

By |2017-05-24T13:42:29+00:00February 17th, 2014|Categories: Articles, Business Advice, Real Estate, Tax Planning|Tags: , , , , , , , |

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 [...]

2014 Key Tax Deadline Dates

By |2017-05-24T13:42:30+00:00February 10th, 2014|Categories: Articles, Tax Planning|Tags: , , , , , , , , |

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 [...]

Deferring Taxes for Your Contracting Business

By |2017-05-24T13:42:31+00:00October 14th, 2013|Categories: Articles, Audit & Accounting, Business Advice, Tax Planning|Tags: , , , , , , , |

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 [...]

Should You Hire Your Child?

By |2017-05-24T13:42:33+00:00May 30th, 2013|Categories: Articles, Tax Planning|Tags: , , , , , , , , |

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 [...]

A Family Limited Partnership for Your Succession Plan

By |2017-05-24T13:42:34+00:00March 27th, 2013|Categories: Articles, Business Advice, Succession Planning|Tags: , , , , , , , |

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, [...]

Fiscal Cliff Averted – New Tax Changes

By |2017-05-24T13:42:40+00:00January 4th, 2013|Categories: News, Tax Planning|Tags: , , , , , , |

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 [...]

Consider Purchasing a Company Vehicle Before December 31, 2012

By |2017-05-24T13:42:40+00:00December 12th, 2012|Categories: Articles, Tax Planning|Tags: , , , , , , , |

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 [...]

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