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site design by digitalstoryteller.io
Entrepreneurs and taxes: How expenses are claimed on tax returns
/in News, Tax Tips - Business/by Betty KimWhile some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due […]
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 […]