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Returning Value Blog

2023 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Oct 18, 2023

Here are some key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Business Tax

What Types of Expenses Can't Be Written off by Your Business?

Posted by Murry Guy, CPA on Oct 04, 2023

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

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Posted in Business Tax

Spouse-Run Businesses Face Special Tax Issues

Posted by Nick Wheeler, CPA on Sep 21, 2023

Do you and your spouse together operate a profitable, unincorporated small business? If so, you face some challenging tax issues.

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Posted in Business Tax

Update on Depreciating Business Assets

Posted by Jessica L. Pagan, CPA on Sep 07, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.

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Posted in Business Tax

State and Local Tax Issues Businesses Should Consider

Posted by Michael D. Machen, CPA, CVA on Aug 18, 2023

State and local tax issues are a big part of a company's tax liability. In fact, they are so impactful that a lot of companies actively decide to relocate to states that are regarded as low-tax states by the Tax Foundation, such as Florida, Nevada, and North Carolina.

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Posted in Business Tax

Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally?

Posted by Nick Wheeler, CPA on Aug 09, 2023

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation.

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Posted in Business Tax

A Tax-Smart Way to Develop and Sell Appreciated Land

Posted by Jessica L. Pagan, CPA on Aug 01, 2023

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels, and sell them off for a hefty profit, it could trigger a large tax bill.

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Posted in Business Tax

2023 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jun 20, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Business Tax

Use the Tax Code to Make Business Losses Less Painful

Posted by Lesley L. Price, CPA on Jun 15, 2023

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.

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Posted in Business Tax

Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions

Posted by Nick Wheeler, CPA on Jun 14, 2023

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem.

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Posted in Business Tax

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