If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBIRead More »Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72.Read More »Answers to your questions about taking withdrawals from IRAs
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A CRead More »Choosing a business entity? Here are the pros and cons of a C corporation
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual lossesRead More »Strategies for investors to cut taxes as year-end approaches
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangibleRead More »Intangible assets: How must the costs incurred be capitalized?
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic taxRead More »Year-end giving to charity or loved ones
By now, many construction businesses have at least outlined the parameters of their 2023 budgets, if not finished them entirely. No matter where you’re at in the process, it doesn’t hurt to double-check your methodologyRead More »Is your construction company’s 2023 budget built on a solid foundation?
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If you’ve decided to close yourRead More »Is your business closing? Here are your final tax responsibilities
Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn isRead More »How savings bonds are taxed
Most experts would agree that the best way to minimize fraud at any company, including a construction business, is to take a holistic approach. As the owner, you must set the tone at the topRead More »Prevent fraud at your construction company with a holistic approach
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others.Read More »Computer software costs: How does your business deduct them?
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). ForRead More »2023 limits for businesses that have HSAs — or want to establish them