by Joan Buchman Miller | Apr 8, 2022 | Accounting, tax planning
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by... 
by Joan Buchman Miller | Mar 30, 2022 | Accounting, tax planning
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to... 
by Joan Buchman Miller | Mar 30, 2022 | Accounting, deadlines
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second 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... 
by Joan Buchman Miller | Feb 14, 2022 | Accounting, C Corporation, S Corporation, tax planning
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings... 
by Joan Buchman Miller | Feb 7, 2022 | Accounting, income tax, tax planning, tax records
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: You report income and expenses on Schedule C of Form 1040. The net... 
by Joan Buchman Miller | Jan 31, 2022 | Accounting, tax planning, tax records
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make...