Medical and Dental

Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022.

Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer?  And why would you want to?

Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee.  This requirement prevents tax deductibility in most cases. 

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.

Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit. 

Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.

The holiday season will soon be here and after a year of avoiding social gatherings, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties.