The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets If you run your businessRead More »Emil @ ZCPA: Key 2024 inflation-adjusted tax parameters for small businesses and their owners
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductionsRead More »Emil @ ZCPA Explain: A cost segregation study may cut taxes and boost cash flow
If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity suchRead More »ZCPA – Choosing a business entity: Which way to go?
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify theRead More »Emil @ ZCPA tips: New per diem business travel rates kicked in on October 1
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subjectRead More »Emil @ ZCPA wrote: The Social Security wage base for employees and self-employed people is increasing in 2024
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passengerRead More »Business automobiles: How the tax depreciation rules work
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). ARead More »Emil @ ZCPA explain How IRS auditors learn about your business industry
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state thatRead More »Emil @ ZCPA: What types of expenses can’t be written off by your business?
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that applyRead More »2023 Q4 tax calendar: Key deadlines for businesses and other employers
In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed underRead More »Emil @ ZCPA Wrote: It’s important to understand how taxes factor into M&A transactions
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership forRead More »Emil @ ZCPA tips: Spouse-run businesses face special tax issues
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. HereRead More »Emil @ ZCPA wrote: Update on depreciating business assets