Farming and Depreciation

Learn about how the recovery period for certain farm property has been shortened and how the alternative depreciation system for farming businesses works.

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Meals and Entertainment

Businesses may no longer deduct expenses for entertainment, amusement, or recreation. They can still deduct 50% of the cost of business meals if the business owner or employee is present and the food or beverages aren't extravagant.

For Small Business Week: Backup Withholding Rate Now 24 Percent, Bonuses 22 Percent; Workers Urged to do a Paycheck Checkup

The following article was published by the IRS. Recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. Employees should check their withholding using the IRS Withholding Calculator. This year, National Small Business Week is May …

Continue reading For Small Business Week: Backup Withholding Rate Now 24 Percent, Bonuses 22 Percent; Workers Urged to do a Paycheck Checkup

A Few Key Tax Reform Provisions Every Business Owner Should Know About

This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community: New deduction for qualified …

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Some S Corporations May Want to Convert to C Corporations

The following article was published by the IRS. After last year’s tax reform legislation, some S corporations may choose to revoke their S election to be a C corporation because of the new, flat 21-percent C corporation tax rate. Before taking any action, S corporations should consult their tax advisors. S Corporations and C Corporations …

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Business Owners can Claim a Qualified Business Income Deduction

The following article was published by the IRS. Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. Eligible taxpayers can claim the deduction for the first time …

Continue reading Business Owners can Claim a Qualified Business Income Deduction