You can claim a tax deduction for minor repairs made by your business by December 31st, 2023, on your tax return, but improvements are subject to separate tax laws. Improvements, as opposed to repairs, are capital expenses that need to be deducted gradually. How can you determine if the project is an improvement or a repair?
If you study the Internal Revenue Code—which you most likely won’t want to—you might be surprised to learn that the majority of company deductions aren’t mentioned in detail. For instance, it isn’t specifically stated in the tax code that you can write off office supplies and other costs. Some expenses are mentioned in the tax
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 apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:
How does the dividends received deduction alleviate triple taxation? Triple taxation can be understood with the following scenario: First tax: The subsidiary corporation pays tax on income earned Second tax: The parent corporation pays tax on dividends received from the subsidiary corporation Third tax: Shareholders are taxed on the dividends they receive from the parent
Do you and your spouse run a successful unincorporated small business together? If so, you face some challenging tax issues. The partnership issue for spouse-run businesses An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. If not, you must submit a Form
What is asset depreciation? Let’s start with the basics: what is asset depreciation? First, the IRS definition: “Depreciation is the recovery of the cost of the property over a number of years. You deduct a part of the cost every year until you fully recover its cost.” In layman’s terms, depreciation reduces a company’s tax
Your employees are on the front line when it comes to cyberthreats, but many of them are unprepared. When cybercriminals strike, employees may not recognize the risks and red flags. Data breaches cost on average $4.35 million, so providing your employees with training is crucial. Current Cybersecurity Battlefield According to a recent study by the
One disadvantage of C corporation structure is the possibility of double taxation. A C corporation’s income is subject to two levels of income tax: once at the corporate level and a second time at the shareholder level when income is distributed in the form of dividends. To avoid — or at least defer — double
Let’s say you own highly appreciated land that’s now ready for development. It could result in a significant tax burden if you subdivide it, develop the individual pieces, and then sell them off for a healthy profit. In this case, the tax rules generally treat you as a real estate dealer. This means that your
It’s common for disaster planning to be overlooked when your nonprofit is focused on its mission. However, taking the time to prepare now can prevent serious consequences in the future. Your operations are vulnerable to a range of risks, from natural disasters like hurricanes and wildfires to man-made threats like cyberattacks and active shooters. Even