The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’llRead More »Better tax break when applying the research credit against payroll taxes
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’sRead More »Emil @ ZCPA: Tax-wise ways to take cash from your corporation while avoiding dividend treatment
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. IfRead More »Taking your spouse on a business trip? Can you write off the costs?
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefitsRead More »What’s the best accounting method route for business tax purposes?
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. YouRead More »Emil @ ZCPA gives you 9 tax considerations if you’re starting a business as a sole proprietor
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employersRead More »Update on IRS efforts to combat questionable Employee Retention Tax Credit claims
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginningRead More »Should your business offer the newemergency savings accounts to employees?
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposesRead More »Emil @ ZCPA explain: Tax-favored Qualified Small Business Corporation status could help you thrive
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you payRead More »Does your business have employees who get tips? You may qualify for a tax credit
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchangeRead More »Emil @ ZCPA explain how to Defer a current tax bill with a like-kind exchange
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rateRead More »Emil @ ZCPA wrote: The standard business mileage rate will be going up slightly in 2024
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that applyRead More »2024 Q1 tax calendar: Key deadlines for businesses and other employers