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The election to apply the research tax credit against payroll taxes

The election to apply the research tax credit against payroll taxes

by Richard Hall | Feb 28, 2022 | Small Business

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in...
Are you ready for the 2021 gift tax return deadline?

Are you ready for the 2021 gift tax return deadline?

by Matthew Cadira, CPA | Feb 23, 2022 | Individual

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who...
Can you deduct the costs of a spouse on a business trip?

Can you deduct the costs of a spouse on a business trip?

by Jimmy Campoverde | Feb 22, 2022 | Small Business

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your...
Making withdrawals from your closely held corporation that aren’t taxed as dividends

Making withdrawals from your closely held corporation that aren’t taxed as dividends

by Donald Bicking Jr. CPA, CTC | Feb 16, 2022 | Small Business

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings...
Married couples filing separate tax returns: Why would they do it?

Married couples filing separate tax returns: Why would they do it?

by Richard Hall | Feb 15, 2022 | Individual

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a...
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