Tax Breaks Slide in Under the Wire!

Tax Breaks Slide in Under the Wire! With less than two weeks to go in 2015, Congress gave both business owners and individual taxpayers a wonderful holiday surprise by passing an important piece of tax legislations. The PATH (Protecting Americans from Tax Hikes) Act, which was signed into law on December 18th, reinstated many important … [Read more…]

Research & Development Tax Credit

Make Use of the Research and Development Tax Credit While big corporations like Boeing, Mattel, Caterpillar and Google are saving millions of dollars through the use of Research and Development tax credits, it is a tax saving opportunity that is often overlooked and underused by smaller businesses. In fact, research has shown that only about … [Read more…]

Business Tax Extension Deadline on the Horizon

Business Tax Extension Deadline on the Horizon With the business income tax extension deadline just around the corner, it is a good time to examine the issue of business tax compliance and its importance to the successful functioning of business entities of all types. Although the upcoming extension deadline applies specifically to income tax, businesses are responsible for … [Read more…]

The Best Vehicle Expense Method

The Best Vehicle Expense Method Choosing the Best Vehicle Expense Method: Businesses generally have the option of choosing between one of two methods for documenting vehicle expenses and reporting them on their tax return. With the actual expense method, the business documents and reports all of a vehicle’s operating expenses including gas, oil, scheduled maintenance and … [Read more…]

International Data Exchange Service

International Data Exchange Service Bolsters FATCA The International Data Exchange Service (IDES) is an electronic delivery system that allows both financial institutions and tax authorities in host countries to exchange FATCA data with the Internal Revenue Service. If predictions hold true, this new data exchange system, which went into effect in January of this year, will greatly enhance … [Read more…]

Small Business Tax Deductions

Small Business Tax Deductions Being a small business owner has its challenges and rewards. Business tax deductions can be both. While many tax deductions are available to small businesses, it requires both knowledge and commitment on the part of the business owner or a business tax professional to keep up with what deductions are available … [Read more…]

Cadillac Tax on the Horizon

Cadillac Tax on the Horizon Beginning in 2018, employers who offer their employees health insurance coverage that costs in excess of a certain dollar amount will be required to pay a 40% tax on the costs associated with providing the plans. Currently there is no ceiling on the tax deductible amount employers can claim for … [Read more…]