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Business Tax Tips
Numerous tax limits affecting businesses have increased for 2022
/in News, Tax Tips - Business /by Betty KimMany 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 […]
Providing a company car? Here’s how taxes are handled
/in News, Tax Tips - Business /by Betty KimThe use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current […]
Small businesses: There still may be time to cut your 2021 taxes
/in News, Tax Tips - Business /by Betty KimDon’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you […]