Business Tax Blog

Business financial advisors for tax season and beyond
We may be in the heat of summer, but that doesn’t mean taxes are off-topic. In fact, summer is an ideal time to check in on your tax planning strategy and regular bookkeeping efforts. Proactive tax planning and preparation are key to a smooth tax season, ensuring you can take advantage of deductions and credits. […]
Making the most of business meal deductions in 2022
Who doesn’t love a delicious bite to eat? Providing meals and snacks to employees and business associates helps build rapport, increases motivation and satisfaction, and can even improve productivity. And you can have your cake and eat it too, knowing that you can deduct 100% of certain business meals and entertainment expenses in 2022.  Shifting […]
Are gifts to clients and employees tax-deductible?
Many business owners like to show their appreciation by giving thoughtful gifts to valued clients and employees. It is a wonderful way to build relationships and show your team just how much you appreciate all that they do. Whether it’s a way to say thank you or happy holidays, there are important considerations to be […]
How to track rental property tax deductions
If you’re in the business of short-term rentals, you won’t want to miss out on the many tax deductions available to help offset your rental income. But in order to take advantage of the money-saving deductions, it is crucial to keep a detailed record of all transactions. No matter how big or small, every expense […]
Tax implications of business legal structures
If you’re starting a new business, one of the first things you will need to do is to choose a legal structure. The legal structure dictates the ways many aspects of your business run, as well as how you file and pay taxes. There are pros and cons to all structures, so it’s important to […]
Tax Basics for Real Estate Agents
If the hot real estate markets led you into a career as a real estate agent this year, filing taxes may look a bit different than what you’ve done in the past. Below are a few things you should know about reporting your earnings, as well as deductions that could reduce your taxable income. If […]
How the right mix of financial services makes it easier to run your business
While your products or services are the backbone of your business, you’ll struggle to succeed without a solid financial understanding and processes. But that doesn’t mean you’re doomed if you didn’t go to school for accounting or pursue an MBA. You simply need to build out the right combination of business financial services. That means […]
How is your side-hustle income handled at tax time?
You’ve heard the expression, “Do what you love and you’ll never work a day in your life.” What happens when what you love to do becomes your work? Many people have seen their side-hustles grow into a serious income stream. But what about those hobbies or activities that don’t bring in the big bucks? In […]
2021 Small Business Tax Deductions and Payment Reminders
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided many tax provisions intended to help small businesses make it through the pandemic. A couple of key small business tax deductions are still opportunities this year, and planning now could save you time and money next tax season. If you took advantage of tax […]
Does your business need a bookkeeper, CPA, or outsourced CFO?
In the early stages, new businesses have a lot of moving parts. Proper handling of the financials is crucial for every type of business; for some, keeping up with the day-to-day of bookkeeping, bill pay, payroll, and cash flow can be overwhelming, especially when business is expanding. But how do you know who to hire? […]
Frequently Overlooked Pandemic Tax Credits for Employers
During the pandemic, many businesses struggled to retain employees due to a temporary slow-down in business and the government-mandated closures. The government has provided three rounds of stimulus aimed at helping individuals and businesses get through the pandemic, including pandemic tax credits for employers that have been able to retain their employees. The Employee Retention […]
Do rental property owners file Schedule C or Schedule E?
Our recent blog addressed many of the tax issues inherent in renting your vacation home on Airbnb, VRBO, or another platform. Which form to file (Schedule C or Schedule E) with your tax return is a classic area of confusion for owners of short-term rentals, and the answer is often unclear for Airbnb hosts and […]
Tax Tips for Airbnb Hosts and Short-term Rental Owners
Since the pandemic, vacation rental homes have gained a significant share of the market demand. Vacation rental homes give travelers the convenience and comfort of home-like accommodations, as well as a sense of the local culture. Many investors have seized the opportunity to expand and diversify their assets. Platforms like Airbnb and VRBO have made […]
New Reporting Requirements for Money Earned Online – Form 1099-K
$600 doesn’t sound like much in the grand scheme of a year’s income. It could come from a few sales on Etsy, or maybe you rented your home out on Airbnb out for a couple of nights. From the perspective of the IRS, however, that $600+ represents taxable income that has historically gone unreported—and unsurprisingly, […]
How to Clean Up Your Books for Tax Season
It’s officially tax season, and that means many small business owners are struggling to clean up their books from 2020 in order to hand information over to their tax preparers. Many people dread this time of the year. We get a lot of calls from business owners who desperately need help getting books into shape, […]
Sales Tax Increases in Duval and Clay Counties
Voters in Duval and Clay Counties of Florida have elected to increase their local sales tax rate by a half-cent, effective January 1, 2021. The new Jacksonville sales tax rate will be 7.5%, rounded up to the nearest penny. Sales tax for rents charged on commercial property in Duval and Clay Counties will increase to […]
1099 Requirements are Changing for Tax Year 2020
One of the biggest year-end tasks, for many businesses, is sending and filing 1099 forms by the January 31, 2021, deadline. For tax year 2020 and beyond, there is a new form that will change the way you report nonemployee compensation. Depending on how many contractors your business has used this year, and how organized […]
Business Meals and Entertainment Expenses: What’s deductible?
UPDATE: The COVID-19 Relief Bill, signed by the President on December 27, 2020, made changes to deductions for business meals in tax years 2021 and 2022. Businesses will be permitted to fully deduct business meals that would normally be 50% deductible. Although this change will not affect your 2020 tax return, the savings will offer […]
6 Year-End Accounting Tasks to Tackle Now
Welcome to the fourth quarter! Business year-end is an incredibly busy time, and we highly recommend getting a jump start on closing out your books for the year so you can enjoy the holidays in peace and know you’re prepared for tax season. We’ve put together a list of items that tend to be misunderstood […]
Depreciation Recapture 101
The vast majority of businesses have depreciable assets: company property, buildings, equipment, vehicles, etc. Because they are used for business purposes, claiming depreciation of these assets helps to reduce the taxable income of the business. As is the case any time you wade into the murky waters of tax, the IRS is always on the […]
Payroll Tax Deferral: What employers and employees should know
President Trump made major headlines in August with his Executive Order deferring payroll tax withholding, deposit, and payment from September 1 to December 31, 2020. Although the order is now in effect, it’s still unclear how the payroll tax deferral will play out. The executive order directed the Secretary of the Treasury to “explore avenues, […]
Small Business Loans and Tax Relief Information
In the flurry of government relief that has been announced in the past couple of weeks, there are a variety of options available to help businesses cover their expenses and support their workers during this time. Last week, we summarized the Families First Coronavirus Response Act, which established paid sick leave and expanded FMLA for […]
Tax deadline for S-corps and partnerships: March 16
Tax returns for partnerships and S-corps that pay on a calendar year are due March 16, 2020. Typically the deadline is the 15th, but it’s pushed because the 15th falls on a Sunday this year. C-corps have an additional month to complete and file their returns (those are due on the April 15th tax deadline). […]
It’s 1099 Time For Businesses
While January 31 may seem far away, now is the time to start organizing your information for 1099s. As a business, you’re required to send a Form 1099 to most contractors and vendors to whom you paid more than $600 in the calendar year. We can help you determine who needs a 1099 and offer […]
Reduce your business tax liability with year-end tax planning
Although tax year 2019 is our second year filing under the Tax Cuts and Jobs Act (TCJA), provisions of the law are still confusing to taxpayers, particularly as they impact small businesses. The fourth quarter is the right time for tax planning to reduce or defer your tax liability. Here are some highlighted changes that […]
State Sales Tax News: 3 Things Every Online Retailer Should Know
If you run a business that sells products online, hopefully, you’re aware that you need to be collecting state sales tax from your customers and remitting it to your state on a regular basis. For online retailers, however, just which states are requiring you to remit sales tax has become a complex and confusing issue. […]
Don’t Endure Another Painful Tax Season
Getting 2018 tax returns done was messy for so many taxpayers due to changes under the Tax Cuts and Jobs Act (TCJA). Many people were surprised by smaller-than-usual refunds or even ended up owing money unexpectedly. If you struggled through tax season, now is the time to make sure that doesn’t happen again! After all, these changes aren’t […]
Tax deductions for business purposes
One of the most misunderstood concepts that our clients find confusing every year around tax time has to do with business expenses, assets, and depreciation. Specifically, when you spend money on something for your business, how does that get reflected at tax time? Many people are familiar with the concept of business asset depreciation, but […]
Business Meals And Entertainment: What’s Deductible?
As you’re working on your 2018 business tax return, you may have a surprise in store: business meals and entertainment expenses have new rules for deductions under the Tax Cuts and Jobs Act. If you had lots of business meal and entertainment expenses last year, you’ll want to look closely at the changes and see how […]
Will I owe tax when I trade in my business vehicle?
Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers could exchange like-kind business property (such as trading in a business vehicle) and defer any gain until the property was ultimately sold. Property that was eligible for this tax-free exchange included both real and personal property. If you traded in a business vehicle in 2017 […]
1099S Simplified
It’s that time of year again… Okay, let’s break this down: If you paid an independent contractor or non-incorporated company $600 or more during the calendar year, you should issue a 1099 (When it comes to attorneys, you should issue a 1099 to them even if they are incorporated). Your 1099 includes any payments for […]
Preparing for Year End
Preparing for Year End As the end of the year approaches, it can be confusing to decide what information you need to get together and send to your accountant. We all know that January 1st will be here before we know it, so we have put somethings together to help your business out. To Prepare […]
State Tax Update – June 2014
This may seem like an obvious statement, but the expansion of e-commerce and logistical support systems has made interstate commerce far more prevalent than at any other time in our history.  State revenue departments are paying attention.  This can be especially confusing for companies in states like Florida that don’t have a personal income tax and […]
FAQ on the ACA Forms and Deadlines
We have been receiving a lot of questions in our office about the ACA forms due October 1 to be distributed to all employees.  We would like to take a moment to answer those questions and others with our own FAQ on the ACA forms and deadlines: 1. Do these forms need to be distributed […]
Should I Pay Quarterly Estimates?
The funny thing about the IRS is that they are more predictable than a small business.  So when someone buys a new house and puts their kids in private school based on a great first quarter, and then ends the year with no cash in the business due to a dismal fourth quarter, the IRS […]
IRS reverses previous High Low method decision
The IRS, after being bombarded with public comments, has decided to reverse their decision to eliminate the High Low Method of calculating per diem deductions.  We had written about this previously this year, and at the time the IRS had not received public comments regarding their plan to eliminate the method.  Since then they have […]
Two simple ways to cut your S-Corp flow through taxes
Much of tax accounting makes sense.  You get income, you pay expenses, you pay taxes on the net income.  Other tax accounting issues are not so simple, namely S-corp flow through taxes.  In some cases, the difference between paying twice as much tax or not being able to take a significant deduction are simply a […]
Just over a month to go; tax deadline approaches!
The corporate tax deadline is just about a week away.  That will mark just over one month until the individual tax deadline.  The deadline is April 18th this year because of Emancipation Day, a local holiday in Washington DC. Have you submitted your tax information to your accountant yet?  If not, here are some tips to […]
Small Business Tax Bill Increases Section 179 Depreciation
The latest small business tax bill won’t bail anyone out, keep any company from failing, or help stagnant companies grow.  However, if you are already expanding and need capital the Small Business Jobs and Credit Act of 2010 will help. The latest small business tax bill to help grow jobs and stimulate the economy offers two ways […]
Tax Refund for Tax-Exempt Organizations
In most cases, tax-exempt organizations have little to be excited about when the government starts handing out cash.  Since they don’t pay taxes, they usually don’t get tax deductions or credits.A tax refund for tax-exempt organizations is highly unusal to say the least.  Fortunately, for most tax-exempt organizations, the Affordable Care Act has them covered*. In […]
Healthcare and Taxes, Part 2
Last time, in Healthcare and Taxes Part 1, we looked at provisions of the new Healthcare bill that will hit in 2010-2013.  Today we are looking at 2014 changes, and two credits you may qualify for this year.  In Healthcare and Taxes, Part 3 , we will take a closer look at some of the intricate […]
Healthcare and Taxes, Part 1
Sunday night, by a margin of four votes, the Senate version of Healthcare Reform passed and will be signed into law today.  With all the uncertainty, one thing is for sure: America is about to get a four year economics lesson.  Get out your supply & demand charts from Economics 101 class and follow along.  […]
Payroll Reporting Issues, Part 1
We wrote last year about some of the payroll reporting issues you can run into switching from one payroll provider to another.  Here we want to look indepth at some things your current payroll service provider may not know about your situation.  This is part one in a short series regarding what things you should […]
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