Tax guidance is provided by Charles Renwick, CPA. Everyone’s situation is different and the general guidance provided herein should only be used as a starting point for assessing your individual and business tax situation. You Are a Small Business Owner – Take Taxes Seriously Do you own a small business? Are you a real estate […]
Small Business Tax Advice
Understanding and controlling the unemployment tax costs of your business
Understanding and controlling the unemployment tax costs of your business As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up […]
Setting up a Health Savings Account for your small business
Setting up a Health Savings Account for your small business Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) […]
Accelerate depreciation deductions with a cost segregation study
Accelerate depreciation deductions with a cost segregation study Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And […]
Thinking about converting from a C corporation to an S corporation?
Thinking about converting from a C corporation to an S corporation? The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before […]
Small businesses: Stay clear of a severe payroll tax penalty
Small businesses: Stay clear of a severe payroll tax penalty One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail […]
