Emil Estafanous

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (FormRead More »ZCPA – 2023 Q2 tax calendar: Key deadlines for businesses and employers

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing requirements The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022. Generally, you mustRead More »Emil @ ZCPA: The 2022 gift tax return deadline is coming up soon

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental (R&E) expenses. R&E expenses The TCJA has affected many businesses, including manufacturers, that have significantRead More »Emil @ ZCPA – Changes in Sec. 174 make it a good time to review the R&E strategy of your business

Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold at a loss or becomes completely worthless. Stock sales produce capital losses Stocks are capital assets and produce capital gains or lossesRead More »Emil @ ZCPA wrote: Claiming losses on depreciated or worthless stock

One of the not-so-secret ways to run a profitable construction business is to follow sound accounting practices. Mistakes in financial reporting can be costly, potentially leading to budget overruns, cash shortfalls, delayed projects, unpaid bills and underfunded payroll. Here are 11 ways to minimize the potential for such errors: 1. Separate project expenses. In as much detail as possible, distinguish job costs from general expenses to ensure the former areRead More »Emil @ ZCPA: 11 ways your construction company can avoid accounting mistakes

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to be deductible, advertising and marketing expenses must be “ordinary and necessary.” As one taxpayer recently learned in U.S. Tax Court, not all expenses are eligible. An ordinary expense is one that’s common and accepted inRead More »Emil @ ZCPA wrote How to Protect the “ordinary and necessary” advertising expenses of your business

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. This includes amounts received in a lawsuit or a settlement and in a lump sum or in installments. But as taxpayers in two U.S. Tax CourtRead More »ZCPA: Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. Depreciation rules Business cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets.Read More »ZCPA: Buying a new business vehicle? A heavy SUV is a tax-smart choice

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing deadline and benefit from the tax savings on your 2022 return. Rules for eligibility You can make a deductible contribution toRead More »ZCPA: There still may be time to make an IRA contribution for last year

Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expense methodRead More »ZCPA: Do you run a business from home? You may be able to deduct home office expenses

Even before the pandemic and “the Great Resignation” that followed, construction businesses were facing a shortage of skilled workers. Recent events have only exacerbated the problem. And the skilled labor shortage doesn’t just make it harder to put boots on the ground for projects. It also heightens the risk of safety and quality issues. There isn’t one right strategy for solving the dilemma. Construction companies need to get creative. HereRead More »Emil @ ZCPA: How construction companies can cope with the skilled labor shortage

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible parents. Even though the enhancements that were available for 2021 have expired, the CTC isRead More »ZCPA – Child tax credit: The rules keep changing but it’s still valuable