by Joan Buchman Miller | Sep 5, 2023 | Accounting, depreciaion, tax planning
Update on depreciating business assets The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the...
by Joan Buchman Miller | Aug 28, 2023 | Accounting, tax planning
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital...
by Joan Buchman Miller | Aug 14, 2023 | Accounting, employees, tax planning
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law...
by Joan Buchman Miller | Aug 7, 2023 | Accounting, tax planning
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives...
by Joan Buchman Miller | Aug 2, 2023 | Accounting, LLC, tax planning
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of...
by Joan Buchman Miller | Jul 27, 2023 | Accounting, C Corporation, S Corporation, tax planning
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to...