The IRS has announced it is making a midyear increase to the optional standard mileage rate. As of July 1, 2022, the standard mileage rate for business travel will be 62.5 cents per mile for the last half of the year (up from 58.5 cents per mile for the first half of 2022). Typically, this […]
3 Midyear Tax Planning Strategies For Business
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on […]
Hire Your Children and Save Taxes
It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income while generating tax savings for both your business and your family overall. Shifting […]
Tax Consequences of Bartering
Bartering might seem like something that happened only in ancient times, but the practice is still common today. And the general definition remains the same: the exchange of goods and services without the exchange of money. Because no cash changes hands in a typical barter transaction, it’s easy to forget about taxes. But, as one […]
Make Sure The IRS Won’t Consider Your Business To Be a “Hobby”
If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the IRS. It may be a […]
Year-End Tax Planning Strategies For Businesses
Whether it is your first or tenth year running a business, now is a good time to begin thinking about your 2015 tax return. Familiarizing yourself with some basic year-end tax planning strategies will build confidence with 2016 nearing. One common tax planning strategy used by individual and business taxpayers alike is an Installment Sale. […]
Is This A Business Or A Hobby?
Here are four tax tips you should know regarding hobby versus business activity: A key feature of a business is that you do the activity to make a profit. This differs from a hobby that you may do for sport or recreation. There are nine factors to consider when you determine if you do the […]
W-4, W-2, I-9…Come again?
Are you considering hiring an employee or several employees? There are several critical forms that must be completed by your new employee and kept in a personnel file. – IRS Form W-4 lets you know how much federal income tax to withhold – Form W-4 – Form I-9 verifies the identity and the eligibility […]
Track Your Mileage
We’ve had many clients ask us how to keep track of miles driven for business purposes. IRS Publication 463 includes a table showing the required information for proper recordkeeping: Date Destination Business Purpose Beginning and Ending Odometer Total Miles It’s not too late to have the best 2015 mileage log ever. Try one of these […]
Spotlight On: Dental & Orthodontic Practices
One of our partners, Andy Johnson, has developed a specialty working with various West Michigan area dental and orthodontic practices. For more than a decade, he has enjoyed working closely with practitioners, helping them gain control of finances to run stronger, more efficient practices. Here are some of the services we offer to our dental […]