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Tax Advice Small Business

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For Small Businesses: On Deducting Computer Software Costs

October 1, 2020

The tax rules for treating computer software costs can be complex. Here’s a basic explanation.
Infographic: 5 Tips to Help Prompt Customer Payment

September 23, 2020

Are slow-paying customers gumming up your works? Try these tips.
For Small Businesses: How to Handle Website Costs for Tax Purposes

September 23, 2020

Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Here are the general rules.
Tax Advice: On Investors Who Manage Their Own Portfolios

September 23, 2020

Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.
For Small Businesses: 2020 Q4 Tax Calendar

September 15, 2020

With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.
For Small Businesses: About Deferring Employees' SS Taxes

September 14, 2020

The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.
Tax Advice: Can Homebuyers Deduct Seller-Paid Points?

September 14, 2020

In most cases, points a buyer pays in a home sale are a tax deductible interest expense. But what about seller-paid points?
Tax Advice: Back-to-School Tax Breaks on the Books

September 14, 2020

Back to school in the COVID-19 era may mean remote learning for your college student. But parents may be able to take advantage of one of these tax breaks for their education expenses.
For Small Businesses: 5 Key Points About Bonus Depreciation

September 3, 2020

Depreciating assets involves a complex area of tax law with implications for transactions other than simple asset acquisitions. Here’s a rundown of some important points about 100% bonus depreciation.
Tax Advice: Will You Pay Tax on Your Social Security Benefits?

August 26, 2020

After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules.
For Small Businesses: CARES Act Made Changes to Excess Business Losses

August 26, 2020

If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses.
For Small Businesses: On the President's Action to Defer Payroll Taxes

August 20, 2020

You may have heard the President has taken executive action to defer the employee portion of some workers’ Social Security taxes. Here’s a look at the issue.
Tax Advice: So...What Happens If You Can't Pay Taxes?

August 20, 2020

Tax liabilities don’t go away if left unaddressed. Here’s a look at what happens in the event you (or someone you know) can’t pay taxes on time.
For Small Businesses: The Possible Tax Consequences of PPP Loans

August 20, 2020

Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.
Tax Advice: More Parents May Owe "Nanny Tax" This Year

August 20, 2020

Do you have a nanny, housekeeper or other household worker? If you pay him or her cash wages of $2,200 in 2020, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.
Tax Advice: Implications of Employer-Provided Life Insurance

August 5, 2020

Employer-provided group term life insurance can be a nice employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.
For Small Businesses: On Filing Cash Transaction Reports

August 4, 2020

If your business receives large cash or “cash equivalent” payments, you may have to report the transactions to the IRS - on paper or electronically. Here are the details.
Tax Advice: Are Scholarships Tax-Free or Taxable?

July 28, 2020

Scholarships are generally tax-free but there are times when academic awards result in taxable income.
For Small Businesses: Why Some Partners Report More Income Than They Receive

July 27, 2020

Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.
Infographic: Celebrating Black Pioneers in Accounting

July 22, 2020

At this historic moment, take a moment to meet the first African-American man and woman who earned their CPAs.
Tax Advice: A Tip for Inheriting Property

July 21, 2020

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.
For Small Businesses: Even If No Money Changes Hands, Bartering Is Taxable

July 21, 2020

For hundreds of years, businesses have engaged in bartering. It’s popular during times of economic downturns, which many businesses are suffering now due to COVID-19. But if you trade goods or services, be aware of the tax consequences.
Tax Advice: Make Sure Your Withholding Is Adequate

July 21, 2020

A big tax bill or a large refund may mean you don’t have the correct amount of tax withheld from your paycheck. Here’s how to avoid this next year.
For Small Businesses: Get Ready for the New Form 1099-NEC

July 21, 2020

A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
Tax Advice: 3 Issues to Consider After Filing

July 11, 2020

Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

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