small business

key person

Assessing and Mitigating Key Person Risks

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If a so-called “key person” unexpectedly becomes incapacitated or dies, it could disrupt day-to-day operations, alarm customers, lenders and suppliers, and drain working capital reserves. Common…

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depreciation

Small Businesses: Cash in on Depreciation Tax Savers

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate…

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one-day note

Selling a Business? The One-Day Note Could Save Significant Dollars at Tax Time

There are many reasons why entrepreneurs may decide to sell their business.  Some build with the intent to sell, others decide to sell their business because there is no one in the family to take over or there is a change in either personal or professional circumstances.  Whatever the reason, most are looking to retain…

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small business tax benefits

Is Your Small Business Eligible for Expanded Tax Benefits?

“Small” is bigger than ever Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 million in some…

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payroll tax penalty

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the…

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construction small business tax savings

Year-End Tax Planning: Tax Benefits Available to Small Construction Businesses

Companies that qualify as “small businesses” enjoy several tax benefits, including simplified tax reporting and the ability to defer taxes under certain circumstances. Your construction company’s eligibility for these advantages depends on your gross receipts, including those earned by certain related entities. Previously, the gross receipts threshold was $5 million ($10 million in some cases).…

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entrepreneur expenses start-up

How Entrepreneurs Must Treat Expenses on Their Tax Returns

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.…

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business interest deduction

Are Your Business Interest Expenses Deductible?

Before Congress passed the Tax Cuts and Jobs Act (TCJA), most business-related interest expense was deductible, although corporations couldn’t deduct interest paid to or guaranteed by a related party under certain circumstances. But for tax years beginning after 2017, the TCJA imposes a limit on business interest deductions, with exceptions for “small businesses” and electing…

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