2020 Tax Changes for Small Business Owners and Partners

Are you self-employed? Most U.S. companies are self-owned, and of the more than 30 million small business enterprises, over a quarter of self-owned businesses are big enough to have employees. Being self-employed means dealing with many unique tax challenges, like tax withholding, additional reporting requirements, and more IRS scrutiny. There are some changes that self-employed … Continued →

Depreciation Table for Common Business Assets

New rules to business expensing and deductions are in effect as a result of the Tax Cuts and Jobs Act. Use this depreciation table as a guide when making large purchases for your businesses to decide whether to take a Section 179 deduction or bonus depreciation in the current year or depreciating qualified property over … Continued →

2018 Tax Changes – Meals and Entertainment

In the January edition of the Dental CPAs Newsletter, we listed 15 changes you will see because of the 2018 Tax Cuts and Jobs Act (TCJA). In this issue, we will explain how the tax treatment of Entertainment and Meals Expense has changed under the new law. Entertainment Prior to 2018 entertainment was treated as … Continued →

Federal Tax Bulletin: Tax Reform for Businesses

In our previous post, we outlined several areas where the federal tax code is changing, thanks to the passage of the Tax Cuts and Jobs Act in late December. While several provisions deal with individuals, as we pointed out in our latest post, the new tax law contains a myriad of changes for businesses as … Continued →