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2018 – 07/23 – Business deductions for meal, vehicle and travel expenses: Document, document, document
- August 10, 2018
- Posted by: kennycpa
- Category: Accounting
No CommentsSome common deductions for businesses are meal (generally 50%), vehicle and travel expenses. Deductibility depends on a variety of factors, but proper documentation is one of the most critical. Following some simple steps can help ensure your deductions will pass muster with the IRS. First, keep receipts, canceled checks or similar documentation. Also, track the
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2018 – 07/09 – How to avoid getting hit with payroll tax penalties
- July 20, 2018
- Posted by: kennycpa
- Category: Accounting
For small businesses, managing payroll can be one of the most arduous tasks. A crucial aspect is withholding and remitting to the federal government the appropriate income and employment taxes. If your business doesn’t, you, personally, as the business’s owner, could be considered a “responsible party” and face a 100% penalty. This is true even
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2018 – 06/25 – Choosing the best business entity structure post-TCJA
- July 13, 2018
- Posted by: kennycpa
- Category: Accounting
On the surface, the TCJA’s new, flat 21% income tax rate for C corporations may make choosing C corp structure for your business seem like a no-brainer. After all, 21% is much lower than the 37% top rate that applies to pass-through entities (such as partnerships and S corps). But C corps can still be
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