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Business Taxes Posts

Fundamental tax truths for C corporations

February 05, 2019 by ORW Staff

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Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

February 01, 2019 by ORW Staff

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments.

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Many tax-related limits affecting businesses increase for 2019

February 01, 2019 by ORW Staff

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business.

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A refresher on major tax law changes for small-business owners

December 31, 2018 by ORW Staff

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly.

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2019 Q1 tax calendar: Key deadlines for businesses and other employers

December 03, 2018 by ORW Staff

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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When holiday gifts and parties are deductible or taxable

November 27, 2018 by ORW Staff

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient.

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Tax reform expands availability of cash accounting

November 27, 2018 by ORW Staff

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes.

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It’s not too late: You can still set up a retirement plan for 2018

November 19, 2018 by ORW Staff

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year.

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Buy business assets before year end to reduce your 2018 tax liability

November 07, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year.

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Research credit available to some businesses for the first time

October 30, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit.

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Be sure your employee travel expense reimbursements will pass muster with the IRS

October 15, 2018 by ORW Staff

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees.

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How to reduce the tax risk of using independent contractors

October 01, 2018 by ORW Staff

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes.

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Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses

September 15, 2018 by ORW Staff

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses. The deadline for setting one up for this year is October 1, 2018.

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Assessing the S corp

August 20, 2018 by ORW Staff

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible • and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they once were.

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Choosing the right accounting method for tax purposes

August 15, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses.

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An FLP can save tax in a family business succession

August 09, 2018 by ORW Staff

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.

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Do you qualify for the home office deduction?

August 07, 2018 by ORW Staff

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you.

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Business deductions for meal, vehicle and travel expenses: Document, document, document

July 30, 2018 by ORW Staff

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

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Close-up on the new QBI deduction’s wage limit

July 20, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities.

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