Selling Business Property? Everything You Need to Know

What are the tax consequences of selling property used in your trade or business?

Converting from a C-Corp to an S-Corp? 4 Tax Issues to Consider.

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch.

Fully Deduct Business Meals This Year

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

Your 2022 Tax Calendar: Q2 Deadlines for Businesses & Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. You should speak with your CPA to ensure you’re meeting all applicable deadlines and to learn more about your filing requirements.

HireNow Program Provides Recruiting & Training Funds to Massachusetts Employers

The Commonwealth is providing eligible Massachusetts employers with funding to hire and train new workers. The HireNow program is funded by the American Rescue Plan Act of 2021, and was created in response to the hiring challenges experienced by Massachusetts employers due to the COVID-19 pandemic.

Operating Your Business as a Sole Proprietor? 8 Things You Need to Know

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, there are certain tax issues that you should be aware of. Here are eight important issues to consider:

Massachusetts Continues to Offer COVID-19 Relief Grants to Small Businesses in the Commonwealth

From its share of the American Rescue Plan Act of 2021, the Commonwealth of Massachusetts has made a total of $75,000,000 available to support small businesses negatively impacted by the COVID-19 pandemic. These funds will be administered by the Massachusetts Growth Capital Corporation (MGCC) through two different grant programs, the New Applicant Grant Program and the Inclusive Grant Program.

Can You Deduct The Costs of a Spouse on a Business Trip?

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.

The Importance of Business Recordkeeping

If you operate a business, or you’re starting a new one, you’ll need to keep records of your income and expenses. Specifically, you should carefully record your expenses to claim all the tax deductions to which you’re entitled. You’ll also want to make sure that you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.

Entrepreneurs and Taxes: How Start-up Expenses are Claimed on Tax Returns

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due to being laid off. Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, there are tax implications you should be aware of.