Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill. This relatively new privilege allows the research credit to benefit small businesses that may not generate enough taxable income to use the credit to […]
Employers must exert a certain amount of time and resources to accurately retaining their income tax records. But these aren’t the only documents you need to maintain. Retention of your organization’s payroll records is also essential. Rule of thumb Most employers must withhold federal income, Social Security and Medicare taxes from their employees’ paychecks. As […]
Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into law. Timing strategies for businesses […]
As the year end approaches, C corps should decide when and how to shift income and deductions between 2017 and 2018. Despite the uncertainty in tax reform proposals (nobody knows when a law might be enacted and what net effect the new rules may have), the best year-end tax planning strategy may be to follow […]
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