Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Business tax’ Category

Small businesses expense more expand bonus depreciation

The Internal Revenue Service reminds small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. (more…)

100-percent depreciation deduction benefits business taxpayers

Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service. (more…)

Jan 31 Deadline Applies to Wage Statements and Independent Contractor Forms

The Internal Revenue Service today reminded employers and other businesses of the Jan. 31 filing deadline that now applies to filing wage statements and independent contractor forms with the government. (more…)

Tips for Business Owners Who Need to Reconstruct Records After a Disaster

After a disaster, many business owners might need to reconstruct records to prove a loss. (more…)

5 Tips for Starting a Business This Summer

ownerIf summer plans include starting a business, be sure to visit IRS.gov. The IRS website has answers to questions on payroll and income taxes, credits and deductions plus more. (more…)

Small Business Startups New Option for Claiming Research Credit

Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service. (more…)

Hobby or Business – IRS Offers Tips to Decide

Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing — no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. (more…)