Resources
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When businesses may want to take a contrary approach with income and deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why…
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Strategies for Managing Capital Gains in Business
Navigating the realm of capital gains and optimizing tax outcomes require strategic thinking and informed decision-making. Understanding and employing effective capital gains tax strategies is crucial for businesses contemplating asset…
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Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example,…
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Scrupulous records and legitimate business expenses are the key to less painful IRS audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim…
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2024 Q2 tax calendar: Key deadlines for businesses and employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so…
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Coordinating Sec. 179 tax deductions with bonus depreciation
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions…