Business

Business Deductions and Credits

What’s New for Business Taxes?

Before filing taxes this tax season, it’s important for business owners to know what’s new for business taxes for 2023 and take advantage of the available deductions and credits. While some tax deductions are drawing back, the Inflation Reduction Act and SECURE 2.0 Act offer eligible businesses new and expanded tax credits and new deductions for retirement plans and going green.

Business Deductions and Credits

Business interest expense: Is it deductible?

For many companies, interest expenses constitute a significant portion of their operating costs, which is why the deduction of these expenses is a valuable tax benefit for businesses. Understanding this deduction can help business owners manage their finances more effectively and optimize their tax strategy.

Business Individuals Real Estate

Business structures for rentals

When investing in rental properties, one of the most important decisions you’ll face is choosing the right business structure. Your choice can have significant implications for liability, taxes, and operational management. In this post, we’ll explore the most common business structures for rental properties and help you determine which might be the best fit for your investment goals.

Business

Pros and Cons: S Corp and LLC

S Corporations (S Corps) and Limited Liability Companies (LLCs) are two popular business structures that have pros and cons. Choosing the right entity depends on your specific tax situation and business goals.

Business

Tighter deductions and tougher reporting

Presently, tighter deductions and tougher reporting implemented in two legislations might affect your taxes. The American Rescue Plan of 2021 implemented lower thresholds for reporting third-party transactions. The Tax Cuts and Jobs Act (TCJA) of 2017 tightened and eliminated significant deductions for your business. For this reason, here we share the new rules that may affect your 2022 and 2023 taxes.