The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take… Read More »The election to apply the research tax credit against payroll taxes
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a… Read More »There still may be time to cut your tax bill with an IRA
Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well. In this context, leakage refers to early, pre-retirement withdrawals from… Read More »Should your business address retirement plan leakage?
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 on trips. The rules for deducting a spouse’s travel costs… Read More »Can you deduct the costs of a spouse on a business trip?
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s… Read More »Are you ready for the 2021 gift tax return deadline?
By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive.… Read More »Prudent technology upgrades call for some soul searching
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 dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable… Read More »Making withdrawals from your closely held corporation that aren’t taxed as dividends
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest… Read More »Married couples filing separate tax returns: Why would they do it?
Economic changes wrought by the COVID-19 pandemic, along with other factors, drove historic global mergers and acquisitions (M&A) activity in 2021. Experts expect 2022 to be another busy year for dealmaking. In many cases, M&A… Read More »Approach turnaround acquisitions with due care
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 of your venture. Here are eight important issues to consider:… Read More »Important tax aspects of operating your business as a sole proprietor
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still… Read More »Did you give to charity in 2021? Make sure you have substantiation
Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50… Read More »2022 deadlines for reporting health care coverage information