As it does every year, the Internal Revenue Service recently announced the inflation-adjusted 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, … Read More
Needing to raise your prices is typically good news – it means your business is growing! However, raising your prices is nerve-wracking. It is a sensitive topic, and it can be uncomfortable bringing this up to your customers, especially those … Read More
There are a lot of benefits to being self-employed. Many would argue the ability to write off business expenses is one of those benefits. However, tax deductions can be a mixed bag. Incorrect deduction can draw the flaming eye of … Read More
My clients often struggle with determining how to set up their businesses and tax structures since “corporations,” “limited liability companies,” and “sole proprietorship” can often seem like overwhelming terms. Along these lines, one question I am sometimes asked is: Can … Read More
The pandemic brought on many tax changes- including the uptick in small business audits. In 2020, the IRS announced its plan to increase small business tax audits by 50% in 2021[1]. This is likely the last thing business owners need to worry about. Plus- … Read More
As we start our businesses, there are so many financial decisions we need to think of. One of the most commonly asked questions is; Should I hire a 1099 contractor or an employee? Often times as business owners, we get busy … Read More
Business owners often wonder which business entity makes the most sense for their situation. An S Corporation is a popular choice because it offers both personal liability protection and certain tax benefits. This article covers the basics of becoming an … Read More
The Dirty Dozen represents the worst of the worst tax scams. The IRS recently updated its list of the 12 worst tax-related scams in America, known as the Dirty Dozen. Several current Dirty Dozen cases involve social media phishing, where … Read More
Overview of the Business Meal Deduction Under current law, businesses may deduct 50% of the cost of business-related meals. The Consolidated Appropriations Act, 2021, (CAA, 2021) included a provision regarding deductibility of business meal expenses to assist taxpayers impacted by COVID-19. The legislation adds an … Read More
If you’re the owner of a restaurant, retail shop or hospitality venue, you’re probably turning the page on the restrictions from the COVID-19 pandemic and are now trying to keep up with a year’s worth of pent-up demand from eager customers. To meet this demand, you’re possibly looking at adding … Read More