Category Archives: Business Tax Prep

business startup deductions

Small Business: Deducting Startup Costs

business startup expenses tax deductibleIf you’ve recently started a business – or are thinking about starting a business – you should know that as an owner, all eligible costs incurred before beginning to operate the business are treated as capital expenditures. As such, they are part of the cost basis for the business.

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Business Tax Planning

Business Owners: Year-End Tax Planning Strategies

Business tax planning

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look:

Deferring Income

Businesses using the cash method of accounting can defer income into 2022 by delaying end-of-year invoices so that payment is not received until 2023. Businesses using the accrual method can defer income by postponing the delivery of goods or services until January 2022.

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Employee classification

Worker Classification: Employee vs. Contractor

Classifying employeesIf you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees.

The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because many business owners try to categorize as many of their workers as possible as independent contractors rather than as employees.

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Defer Capital Gains

Defer Capital Gains Using Like-Kind Exchanges

Defer Capital Gains If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed.

But if real estate’s your game, did you know that it’s possible to defer capital gains by taking advantage of a tax break that allows you to swap investment property on a tax-deferred basis?

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Six Things To Know Before You Start a Business

Tips for starting a businessStarting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s where a tax professional can help. Here is what you need to know before you start a new business:

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payroll help

Small Business: Understanding Payroll Expenses

payroll adviceFederal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while–and ready to hire an employee or two–here is what you should know about withholding, reporting, and paying employment taxes. Continue reading

small business owner

10 Smart Tax Tips for Small Businesses in 2021

small business taxesTo run a successful small business, there are a few tax tips every owner should know to help save money and minimize their tax liability. Here are our top ten tips: Continue reading

preparation to sell business

Tax Considerations When Selling Your Small Business

selling businessSelling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. Continue reading