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How to minimize the S corporation LIFO recapture tax
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last...
The standard business mileage rate is going up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost...
Adopting a child? Bring home a tax break too
Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their...
Computer software costs: How does your business deduct them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in...
2023 limits for businesses that have HSAs — or want to establish them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is...
Plan now to make tax-smart year-end gifts to loved ones
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year...
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