While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS…
If you’re contemplating selling your manufacturing business, be sure you understand the tax implications. Business structure (as well as the transaction) can impact your tax bill and, therefore, your net proceeds from the sale. Here are some issues to consider.…
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching…
Key Tax Breaks for Small and Mid-Size Businesses Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025,…
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. Business owners should plan accordingly as first-year depreciation will begin to decline from…
Manufacturers operating in more than one state may be subject to taxation in multiple states. But with proper planning, you can potentially lower your company’s tax liability. What Is Nexus? The first question manufacturers should ask when…
Unfortunately, many businesses have had to close because of the pandemic and the economic downturn. Therefore, we can help you if this is your situation, including taking care of the various tax responsibilities that must be met.…
Small-sized manufacturers may enjoy several tax advantages that allow them to reduce their tax bills, defer taxes, and simplify the reporting process. Federal tax rules used to generally define a “small business” as one with average annual…
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum…
Manufacturing company owners may mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as contractors satisfy all of their tax obligations. However, this couldn’t be further from the truth. Improper classification…
Prepare for the New 1099-K Threshold Now Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022. More workers may fall into the required range of income to be reported.…
As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although each situation is unique, here are seven…
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