Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines… Read More »CPA Forensic – 2023 Q2 tax calendar: Key deadlines for businesses and employers
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even… Read More »Emil @ CPA Forensic: The 2022 gift tax return deadline is coming up soon
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the… Read More »Emil @ CPA Forensic – Changes in Sec. 174 make it a good time to review the R&E strategy of your business
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return.… Read More »Emil @ CPA Forensic wrote: Claiming losses on depreciated or worthless stock
One of the not-so-secret ways to run a profitable construction business is to follow sound accounting practices. Mistakes in financial reporting can be costly, potentially leading to budget overruns, cash shortfalls, delayed projects, unpaid bills… Read More »Emil @ CPA Forensic: 11 ways your construction company can avoid accounting mistakes
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to… Read More »Emil @ CPA Forensic wrote How to Protect the “ordinary and necessary” advertising expenses of your business
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are… Read More »Emil @ CPA Forensic: Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle.… Read More »CPA Forensic: Buying a new business vehicle? A heavy SUV is a tax-smart choice
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a… Read More »CPA Forensic: There still may be time to make an IRA contribution for last year
Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business… Read More »CPA Forensic: Do you run a business from home? You may be able to deduct home office expenses