by Joan Buchman Miller | Nov 28, 2023 | Accounting, depreciaion, tax planning
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis,...
by Joan Buchman Miller | Nov 20, 2023 | Accounting, income tax, LLC, S Corporation, tax records
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets If you run your business as a sole proprietorship or pass-through...
by Joan Buchman Miller | Nov 13, 2023 | Accounting, depreciaion, tax planning
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes...
by Joan Buchman Miller | Oct 30, 2023 | Accounting, employees
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice...
by Joan Buchman Miller | Oct 23, 2023 | employees, tax planning
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....