Construction and Real Estate

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2024 Inflation-Adjusted Rates

The IRS has announced various federal inflation-adjusted rates.  Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.
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2024 Q1 Tax Deadlines

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations.
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Cost Segregation Study

A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.
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M&A Transactions & Taxes

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.
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Spouse-Run Business

Do you and your spouse operate a profitable unincorporated small business? If so, a spouse-run business is generally classified as a partnership and can face some challenging tax issues.
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2023 Depreciation Adjustments

Inflation has some beneficial side effects for business owners. One is that the 2023 depreciation adjustment amounts increases the possible tax breaks your business.
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Sec. 199A Deduction

The Sec. 199A deduction is a potentially valuable tax break if your manufacturing company operates under one of the applicable pass-through entity types such as an S corporation, partnership or limited liability company, and you meet certain eligibility requirements.
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Guaranteeing a Loan

If you are guaranteeing a loan to your corporation and it goes into default, there may be tax consequences. You don’t want to be caught unaware.
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Minnesota Metro Sales Tax Increase

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.
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LLC Advantages

You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. There are some LLC advantages you should be aware of.
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Personally Paid Corporate Expenses

When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business.
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Family and Medical Leave Act

Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.
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Minnesota Bans Non-Compete Provisions

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.
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First-Year Depreciation

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.
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Less Painful Business Losses

There is a way to make business losses less painful. Using the federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
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