Feb 18, 2019 | Small Business
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: Double Taxation Double taxation occurs...
Jan 28, 2019 | Small Business
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense...
Dec 24, 2018 | Small Business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax planning ideas small business owners should consider. Postpone invoices. If your business uses the cash method of...
Apr 23, 2018 | Small Business
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this...
Mar 19, 2018 | Small Business
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately...
