How to Handle Business Website Costs
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when website costs can be deducted.
Author: Andrew Litchford
Posts by Andrew Litchford
3 Tax Credits for Small Businesses
Inflation is currently impacting many businesses, forcing them to quickly adapt to a changing economic climate. Whether grappling with the continuously rising costs of supplies or navigating the impact of rising interest rates, businesses have a slew of concerns about their bottom line. For most businesses, tax credits offer a way to combat the effects
Tax Rules for Cash App Transactions
[2023 UPDATE: The IRS has delayed the implementation of the reporting threshold. Read more about the delay here.] Over the past two decades, the way we exchange money has changed significantly. Long gone are the days when writing checks, initiating wire transfers and paying with cash transactions were the primary mechanisms for conducting financial activity.
3 Tax Deductions for Small Businesses
Tax benefits that aren’t available to larger businesses may be available to your small business. Here are some examples of tax deductions for small businesses.
Are you Prepared for the New Gifts-In-Kind Reporting Rules?
New guidelines from the Financial Accounting Standards Board (FASB) govern how gifts in kind must be reported and valued by nonprofit organizations that follow Generally Accepted Accounting Principles (GAAP). The changes are effective for interim periods within annual periods beginning after June 15, 2022, and annual periods beginning after June 15, 2021. Here is what
Does Your Business Qualify for the Dividends-Received Deduction?
The “dividends-received deduction” is meant to reduce or get rid of an extra tax that a corporation has to pay when it gets dividends.
How do Taxes Play a Role in M&A Transactions?
If you are considering buying or selling a business, it’s important to understand the tax implications.
Standard Mileage Rate Increases for Remainder of 2022
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a
ESG for Small Businesses
Environmental, social, and governance (ESG) criteria are becoming some of the more popular metrics for investors to predict the future success of companies they are considering for an investment. But how can your small business benefit from ESG practices? Essentially, ESG standards take into account the risks associated with companies that have undesirable environmental practices
How to Calculate Estimated Tax Payments
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses, so it’s a good time to review the rules to calculate estimated tax payments for federal taxes. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. Four methods to