Answers to Your Tax Season Questions
The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. As the 2024 tax season [...]
Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes [...]
The Kiddie Tax Could Affect Your Children Until They’re Young Adults
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child [...]
Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay [...]
Defer a Current Tax Bill With a Like-Kind Exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange [...]
The Standard Business Mileage Rate Will Be Going Up Slightly In 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate [...]
Important Update: The Corporate Transparency Act and Its Impact on Your Business
Starting January 1, 2024, a significant change will affect many businesses. The Corporate Transparency Act mandates corporations, limited liability companies (LLCs), limited partnerships, and other entities such as non-U.S. companies that register to do business [...]
Featured Client: Dustin Valette
Dustin Valette In the heart of Healdsburg, a small city known for its vibrant culinary scene, stands a chef who is not just a culinary artist but a community inspirer. Dustin Valette, [...]
Featured Employee: Jennifer Brown
Jennifer Brown What is your approach to collaboration, and what do you believe are the key elements to successful teamwork? My approach to collaboration is communication, you have the potential to gain [...]
There Still May Be Time to Reduce Your Small Business 2023 Tax Bill
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. [...]