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Business Taxes Posts

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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Tax credit for hiring from certain “target groups” can provide substantial tax savings

February 21, 2018 by ORW Staff

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC)

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Tax deduction for moving costs: 2017 vs. 2018

February 21, 2018 by ORW Staff

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions.

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Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

February 13, 2018 by ORW Staff

If you are a high-income small-business owner who doesn’t have a tax-advantaged retirement plan then a Simplified Employee Pension (SEP) may be just what you need

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Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

February 05, 2018 by ORW Staff

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets.

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Can you deduct home office expenses?

January 23, 2018 by ORW Staff

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.

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Meals, entertainment and transportation may cost businesses more under the TCJA

January 23, 2018 by ORW Staff

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses.

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Your 2017 tax return may be your last chance to take the “manufacturers’ deduction”

January 16, 2018 by ORW Staff

While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses.

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New tax law gives pass-through businesses a valuable deduction

January 09, 2018 by ORW Staff

Owners of noncorporate “pass-through” entities may see some major — albeit temporary — relief in the form of a new deduction for a portion of qualified business income (QBI).

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2018 Standard Mileage Rates for Business, Medical and Moving Announced

December 31, 2017 by ORW Staff

The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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