Insights

A company car is a valuable perk but don’t forget about taxes

January 9, 2024

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the nontax benefit of using a company…

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2024 Q1 tax calendar: Key deadlines for businesses and other employers

January 9, 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 apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines. January…

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The standard business mileage rate will be going up slightly in 2024

January 8, 2024

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 rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for…

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New per diem business travel rates kicked in on October 1

January 7, 2024

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 the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective…

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A cost segregation study may cut taxes and boost cash flow

January 2, 2024

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 deductions on certain items, thereby reducing taxes and boosting cash flow. Depreciation basics Business buildings generally have a 39-year depreciation period…

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Don’t forget to empty out your flexible spending account

December 29, 2023

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end of 2023…

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4 ideas that may help reduce your 2023 tax bill

December 27, 2023

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you…

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A refresher on the trust fund recovery penalty for business owners and executives

December 21, 2023

One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better. In point of fact, the trust fund recovery penalty relates to payroll taxes. The IRS uses it to hold accountable “responsible persons” who willfully withhold income and payroll taxes from…

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New E-Filing Requirement for W-2s and 1099s

December 21, 2023

By: Alexandra Tennant The IRS has issued a new e-filing requirement that businesses may not be aware of starting in 2023. Businesses – including self-employed taxpayers – will now be required to e-file their information returns if they total ten or more. For example, if a business has five employees (five W-2s) and six 1099s…

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Pass-Through Entity Tax-What Does It Mean For Me?

December 18, 2023

By: Trey Suttle, CPA  The Tax Cuts and Jobs Act of 2017 (“TCJA”) made a major change to the amount of state and local taxes paid that could be deducted on an individual’s income tax return. Prior to the legislation, there was no cap on the amount of state and local taxes paid that could…

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