Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be… Read More »The standard business mileage rate is going up in 2023
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting out a home or apartment that… Read More »Renting to a relative? Watch out for tax traps
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the… Read More »How to minimize the S corporation LIFO recapture tax
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart… Read More »Save for retirement by getting the most out of your 401(k) plan
Construction companies may not view themselves as “cutting-edge innovators” in the vein of software developers or medical researchers. But contractors can qualify for the research tax credit and potentially reap a substantial reward in lower… Read More »Why smaller construction companies should consider the research credit
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply… Read More »2023 Q1 tax calendar: Key deadlines for businesses and other employers
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed Under this… Read More »Selling stock by year-end? Watch out for the wash sale rule
Construction company owners are great at completing projects, but many struggle to properly build a succession plan. Even if your retirement is decades away, it’s never too early to start. In fact, by initiating the… Read More »Succession planning considerations for construction business owners
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… Read More »Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72.… Read More »Answers to your questions about taking withdrawals from IRAs
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C… Read More »Choosing a business entity? Here are the pros and cons of a C corporation
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses… Read More »Strategies for investors to cut taxes as year-end approaches