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Help when needed: Apply the research credit against payroll taxes

Help when needed: Apply the research credit against payroll taxes

by Donald Bicking Jr. CPA, CTC | Jun 6, 2022 | Small Business

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax....
Partners may have to report more income on tax returns than they receive in cash

Partners may have to report more income on tax returns than they receive in cash

by Donald Bicking Jr. CPA, CTC | May 23, 2022 | Small Business

Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why does this happen? It’s due to the way...
Valuable gifts to charity may require an appraisal

Valuable gifts to charity may require an appraisal

by Donald Bicking Jr. CPA, CTC | May 4, 2022 | Individual

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group...
Fully deduct business meals this year

Fully deduct business meals this year

by Donald Bicking Jr. CPA, CTC | Apr 4, 2022 | Uncategorized

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by...
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

by Donald Bicking Jr. CPA, CTC | Mar 21, 2022 | Small Business

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates....
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