by Joan Buchman Miller | Jan 19, 2022 | Accounting, employees, tax planning
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject... 
by Joan Buchman Miller | Jan 10, 2022 | Accounting, tax planning
If you’re an employer with a business where tipping is customary for 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. Basics of the credit The... 
by Joan Buchman Miller | Jan 5, 2022 | Accounting, tax planning
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some... 
by Joan Buchman Miller | Dec 27, 2021 | Accounting, employees, tax planning
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business... 
by Joan Buchman Miller | Dec 20, 2021 | 1099"s, Accounting, deadlines, employees, S Corporation, tax planning, W-2's
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. 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... 
by Joan Buchman Miller | Dec 13, 2021 | Accounting, employees, tax planning
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit...