Have You Filed Forms W-2 and 1099-NEC Yet?

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer.

Computer Software Costs: How Does Your Business Deduct Them?

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the expenses of buying, leasing or developing computer software.

What Local Transportation Costs Can Your Business Deduct?

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses.

Why an LLC Might Be the Best Choice of Entity For Your Business

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best of both worlds.

Is Your Business Required to Report Employee Health Coverage?

You may be aware that certain employers are required to report information related to their employees’ health coverage. Does your business need to comply? If so, what must be done?

How to Treat Business Website Costs for Tax Purposes

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted.

3 Tax Breaks for Small Businesses

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples.

The Dividends-Received Deduction: Is Your Corporation Eligible?

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than on capital gains.

Are You Reporting More Income on Your Partnership Tax Return Than You Receive in Cash?

Are you a partner in a business? You may have come across a puzzling situation. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.

Closing Your Doors? Don’t Forget Your Tax Obligations

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, there are several tax responsibilities that must be addressed.