A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a… Read More »Important considerations when engaging in a like-kind exchange
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place… Read More »The kiddie tax: Does it affect your family?
While many businesses handle sales in a single transaction, construction contracts often cover months or even years and include multiple payments. As you’re well aware, the longer-term nature of construction projects can prevent contractors from… Read More »Reviewing revenue recognition for construction companies
Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that… Read More »The tax obligations if your business closes its doors
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing… Read More »Interested in an EV? How to qualify for a powerful tax credit
Properly documented and handled change orders can mean more profitable jobs for construction companies. When the process doesn’t go smoothly, however, you risk not getting paid on time — or at all — for the… Read More »5 change-order pitfalls construction companies should avoid
Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold. If your business is considering merging with or acquiring another business, it’s important… Read More »How do taxes factor into an M&A transaction?
If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income is paid directly to you… Read More »How disability income benefits are taxed
Like many businesses, yours has probably jumped aboard the cloud computing bandwagon … or “skywagon” as the case may be. How’s that going? Some business owners pay little to no attention to a cloud provider… Read More »Is your cloud provider still meeting your company’s needs?
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply… Read More »2022 Q3 tax calendar: Key deadlines for businesses and other employers
It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as… Read More »Vehicle expenses: Can individual taxpayers deduct them?
Is your business hiring? Many companies are — in fact, an employment report released by the U.S. Department of Labor earlier this month revealed that nonfarm payrolls increased by 390,000 in May, and the unemployment… Read More »When hiring, don’t overlook older workers