These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide businessRead More »How to treat business website costs for tax purposes
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might evenRead More »Is your withholding adequate? Here’s how to check
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualifiedRead More »Three tax breaks for small businesses
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them andRead More »How to avoid the early withdrawal tax penalty on IRA distributions
A high bonding capacity is a strategic objective of many construction businesses. Knowing you can get the necessary underwriting from your surety gives you the freedom to bid on jobs well suited to your strengthsRead More »Give your construction company’s bonding capacity a solid foundation
A high bonding capacity is a strategic objective of many construction businesses. Knowing you can get the necessary underwriting from your surety gives you the freedom to bid on jobs well suited to your strengthsRead More »Give your construction company’s bonding capacity a solid foundation
A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through aRead More »Important considerations when engaging in a like-kind exchange
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and placeRead More »The kiddie tax: Does it affect your family?
While many businesses handle sales in a single transaction, construction contracts often cover months or even years and include multiple payments. As you’re well aware, the longer-term nature of construction projects can prevent contractors fromRead More »Reviewing revenue recognition for construction companies
Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities thatRead More »The tax obligations if your business closes its doors
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasingRead More »Interested in an EV? How to qualify for a powerful tax credit
Properly documented and handled change orders can mean more profitable jobs for construction companies. When the process doesn’t go smoothly, however, you risk not getting paid on time — or at all — for theRead More »5 change-order pitfalls construction companies should avoid