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Business Tax Articles

 

Insights for Employers on Taxes and Service Tips

Insights for Employers on Taxes and Service Tips

Posted by Jennifer Maloney on February 10, 2025

The article provides a comprehensive guide for employers on managing taxes and tips for service workers. It covers the current status of tip taxation, defines tips for tax purposes, outlines criteria for tip classification, and details employer responsibilities and record-keeping requirements.

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Business Tax Limits Increase for 2025

Business Tax Limits Increase for 2025

Posted by Michē Needham on February 03, 2025

For 2025, many business tax limits have increased due to inflation adjustments. Key changes include higher limits for Section 179 expensing, standard mileage rates, and various retirement plan contributions.

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Maximizing Tax Savings: Combining Heavy Vehicles and Home Offices

Maximizing Tax Savings: Combining Heavy Vehicles and Home Offices

Posted by Megan Morris-Smith on January 13, 2025

In 2025, both new and used heavy SUVs, pickups, and vans can offer significant first-year depreciation write-offs if used more than 50% for business purposes. Additionally, setting up a home office can further enhance tax savings by allowing you to qualify for home office deductions, making it easier to pass the over-50%-business-use test for your heavy vehicle.

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Understanding Section 1231 Gains and Losses in Business Asset Sales

Understanding Section 1231 Gains and Losses in Business Asset Sales

Posted by Brian Kern on January 06, 2025

Section 1231 of the Internal Revenue Code governs the tax treatment of gains and losses from the sale of specific business properties. Gains from Section 1231 assets can be treated as long-term capital gains, while losses can be treated as ordinary losses, providing favorable tax outcomes. However, the nonrecaptured Section 1231 loss rule can affect the timing and treatment of these gains and losses.

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2024 Year-End Tax Planning Guide for Businesses - Partnerships

2024 Year-End Tax Planning Guide for Businesses - Partnerships

Posted by Kerry Roets on January 03, 2025

The IRS in the past year has continued to ramp up its scrutiny of partnerships’ tax positions, including several pieces of new guidance taking a multiprong approach to partnership “basis shifting” transactions that the agency views as having the potential for abuse. At the same time, IRS is dedicating new funding and resources to examining partnerships. 

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Exploring the Pros and Cons of Operating as a C Corporation

Exploring the Pros and Cons of Operating as a C Corporation

Posted by Kerry Roets on December 23, 2024

Operating as a C corporation offers benefits such as limited liability protection and the ability to raise capital through multiple classes of stock. However, it also comes with drawbacks like double taxation and the need to comply with various state-mandated formalities. Overall, it's important to weigh these pros and cons to determine if a C corporation is the right choice for your business.

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Reduce Your Business Taxes with Local Transportation Cost Deductions

Reduce Your Business Taxes with Local Transportation Cost Deductions

Posted by Kevin Smeader on December 09, 2024

Understanding how to deduct local transportation costs can significantly reduce your small business’s tax burden. While commuting costs aren’t deductible, travel expenses for business purposes, such as trips from your office to a client’s location, are deductible. Proper recordkeeping is essential to ensure these deductions are accurately claimed.

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2024 Year-End Tax Planning Guide for Businesses - Corporate and M&A

2024 Year-End Tax Planning Guide for Businesses - Corporate and M&A

Posted by Cory Van Deusen V on December 05, 2024

Corporations are responsible for a wide range of distinct tax regulations and challenges. It's important to consider key developments as corporations wrap up the 2024 tax year and move into 2025.

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Maximizing Health Savings with Tax-Smart HSAs for Small Businesses

Maximizing Health Savings with Tax-Smart HSAs for Small Businesses

Posted by Hannah Borden on December 02, 2024

Health Savings Accounts (HSAs) offer small business owners a tax-advantaged way to manage health care costs for themselves and their employees. With updated contribution limits for 2025, HSAs provide significant tax benefits, including deductible contributions, tax-free earnings, and tax-free distributions for qualified medical expenses. Employers can also benefit from payroll tax savings on HSA contributions.

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Federal Tax Treatment of Deductions for Meals and Entertainment

Federal Tax Treatment of Deductions for Meals and Entertainment

Posted by Amanda Ornowski on November 25, 2024

Business-related meal deductions can still offer valuable tax savings, but recent law changes have tightened what qualifies. Generally, meals are 50% deductible if they meet specific criteria, while certain exceptions allow for 100% deductions. Contact us to clarify the rules and optimize your deductions.

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