Sadly, many businesses have been forced to shut down due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of various tax obligations. A business must file a final income tax return and some other related forms for the year it closes. If you have employees,
Business Archives - Page 3 of 14 - Crawford Ellenbogen
Aug 2, 2022
The tax obligations if your business closes its doors
- By Joan Ellenbogen
- Business
- 0 Comments
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Jul 19, 2022
Businesses will soon be able to deduct more under the standard mileage rate
- By Victor Dozzi
- Business, Deductions
- 0 Comments
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. Fortunately, the IRS is providing some relief. The tax agency announced an increase in the optional standard mileage rate for the last six months of 2022. Taxpayers may use the optional cents-per-mile rate to calculate the
Jun 28, 2022
2022 Q3 tax calendar: Key deadlines for businesses and other employers
- By Victor Dozzi
- Business, Taxes
- 0 Comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the third 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 applicable deadlines and to learn more about the filing requirements. August
May 3, 2022
Does your business barter? Here are some facts you should know
- By Victor Dozzi
- Business
- 0 Comments
In today’s economy, many small businesses are strapped for cash. They may find it advantageous to barter for goods and services instead of paying cash for them. But if your business engages in bartering, be aware that the fair market value of goods you receive is taxable income. And if you exchange services with another
Apr 20, 2022
The election to apply the research tax credit against payroll taxes
- By Joan Ellenbogen
- Business
- 0 Comments
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features
Feb 17, 2022
Important tax aspects of operating your business as a sole proprietor
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
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: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless
Feb 15, 2022
Keeping meticulous records is the key to tax deductions and painless IRS audits
- By Joan Ellenbogen
- Business
- 0 Comments
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 sure you can defend the amounts reported
Feb 3, 2022
Entrepreneurs and taxes: How expenses are claimed on tax returns
- By Victor Dozzi
- Business
- 0 Comments
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due
Feb 1, 2022
Numerous tax limits affecting businesses have increased for 2022
- By Victor Dozzi
- Business, Deductions, Retirement, Taxes
- 0 Comments
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 to Social Security tax is capped for 2022 at
Dec 30, 2021
Will the standard business mileage rate go up in 2022? Yes!
- By Joan Ellenbogen
- Business
- 0 Comments
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 use of a car, van, pickup or panel truck will