While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities.
Nick Wheeler, CPA
Recent Posts
Closing a Business Involves a Number of Tax Responsibilities.
Posted by Nick Wheeler, CPA on Aug 01, 2024
Posted in Business Tax
If Your Business Has Co-Owners, You Probably Need a Buy-Sell Agreement
Posted by Nick Wheeler, CPA on Jul 15, 2024
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things:
Posted in Business Advisory
When it comes to expense reporting, having rigorous financial controls is critical to operating a profitable business. You should monitor expenditures incurred by employees on behalf of the company. This enables your organization to track spending, control costs and maintain accurate financial records.
Posted in Accounting & Outsourcing
The Tax Advantages of Including Debt in a C Corporation Capital Structure
Posted by Nick Wheeler, CPA on May 16, 2024
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure:
Posted in Business Tax
Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit
Posted by Nick Wheeler, CPA on Mar 20, 2024
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.
Posted in Business Tax
Taking Your Spouse on a Business Trip? Can You Write off the Costs?
Posted by Nick Wheeler, CPA on Feb 21, 2024
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. 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.
Posted in Business Tax
Update on IRS Efforts to Combat Questionable Employee Retention Tax Credit Claims
Posted by Nick Wheeler, CPA on Feb 05, 2024
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that.
Posted in Business Tax
A Company Car Is a Valuable Perk but Don't Forget About Taxes
Posted by Nick Wheeler, CPA on Dec 04, 2023
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 car.) Even better, current federal tax rules make the benefit more valuable than it was in the past.
Posted in Individual Tax, Business Tax
The Social Security Wage Base for Employees and Self-Employed People Is Increasing In 2024
Posted by Nick Wheeler, CPA on Oct 25, 2023
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.
Posted in Business Tax
Do you and your spouse together operate a profitable, unincorporated small business? If so, you face some challenging tax issues.
Posted in Business Tax