There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company).
Is There Still Time To Pay 2018 Bonuses and Deduct Them On Your 2018 Return?
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Posted by Lesley L. Price, CPA on Jan 07, 2019
Posted in Business Tax
A Refresher On Major Tax Law Changes For Small-business Owners
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Posted by Nick Wheeler, CPA on Jan 02, 2019
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly.
Posted in Business Tax
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider:
Posted in Business Tax
Is Running a Nonprofit With a For-Profit Vision the New Normal?
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Posted by Lesley L. Price, CPA on Dec 12, 2018
Posted in Business Tax
Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur.
Posted in Business Tax
2019 Q1 Tax Calendar: Key Deadlines For Businesses and Other Employers
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Posted by Jessica L. Pagan, CPA on Dec 04, 2018
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Posted in Business Tax
-The phrase “payroll record-keeping” may conjure images of pay-stubs and W-4s. But there are other aspects that often fly under the radar and lead to administrative slip-ups. Here are three examples.
Posted in Business Tax
When Holiday Gifts and Parties are Deductible or Taxable
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Posted by Marty Williams, CPA on Nov 27, 2018
The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.
Posted in Business Tax
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and if so, consider switching methods.
Posted in Business Tax
How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts and Jobs Act (TCJA). This could, in turn, have spillover effects on some companies’ financial statements.
Posted in Business Tax