Tax

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions toRead More »Emil @ ZCPA: Scrupulous records and legitimate business expenses are the key to less painful IRS audits

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlinesRead More »2024 Q2 tax calendar: Key deadlines for businesses and employers

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions.Read More »Coordinating Sec. 179 tax deductions with bonus depreciation

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form ofRead More »Emil @ ZCPA wrote: Bartering is a taxable transaction even if no cash is exchanged

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s stillRead More »Emil @ ZCPA wrote: Maximize the QBI deduction before it’s gone

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?

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