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site design by digitalstoryteller.io
Scrupulous records and legitimate business expenses are the key to less painful IRS audits
/in News, Tax Tips - Business/by Betty KimWe have been emphasizing to our clients that maintaining accurate records and taking advantage of proper deductions not only makes tax season less stressful but also sets the stage for effective long-term financial planning. This proactive approach helps to minimize the risk of errors or audits enabling your efficient and strategic tax planning. If you […]
Coordinating Sec. 179 tax deductions with bonus depreciation
/in News, Tax Tips - Business/by Betty KimYour business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. […]
Better tax break when applying the research credit against payroll taxes
/in News, Tax Tips - Business/by Betty KimThe credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. But in addition to the credit itself, be aware that there are two additional features […]