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Business Taxes Posts

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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How to avoid getting hit with payroll tax penalties

July 12, 2018 by ORW Staff

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

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Does your business have to begin collecting sales tax on all out-of-state online sales?

July 03, 2018 by ORW Staff

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments are pleased to potentially be able to collect more sales tax.

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Choosing the best business entity structure post-TCJA

June 25, 2018 by ORW Staff

On the surface, that may make choosing C corporation structure seem like a no-brainer. But there are many other considerations involved.

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2018 Q3 tax calendar: Key deadlines for businesses and other employers

June 19, 2018 by ORW Staff

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.

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2 tax law changes that may affect your business’s 401(k) plan

June 11, 2018 by ORW Staff

There are also a couple of recent tax law changes that you need to be aware of if your business sponsors a 401(k) plan.

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Putting your child on your business’s payroll for the summer may make more tax sense than ever

May 29, 2018 by ORW Staff

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).

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Can you deduct business travel when it’s combined with a vacation?

May 23, 2018 by ORW Staff

If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting.

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IRS Audit Techniques Guides provide clues to what may come up if your business is audited

May 07, 2018 by ORW Staff

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners.

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Tax document retention guidelines for small businesses

May 02, 2018 by ORW Staff

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these retention guidelines as you clean up.

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TCJA changes to employee benefits tax breaks: 4 negatives and a positive

May 02, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits.

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2018 Q2 tax calendar: Key deadlines for businesses and other employers

March 27, 2018 by ORW Staff

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.

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Defer tax with a Section 1031 exchange, but new limits apply this year

March 22, 2018 by ORW Staff

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.

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Make sure repairs to tangible property were actually repairs before you deduct the cost

March 14, 2018 by ORW Staff

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.”

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Don’t forget: 2017 tax filing deadline for pass-through entities is March 15

March 05, 2018 by ORW Staff

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about.

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