Many tax limits affecting businesses have increased for 2023
February 1, 2023 | Emma Harrison
Tax Limits that affect businesses like yours have increased for 2023 which is indexed annually and due to high inflation.
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How the new SECURE 2.0 law may affect your business
January 23, 2023 | Paula Kennedy, EA
SECURE 2.0 Act may affect your small business and your employees.
The standard business mileage rate is going up in 2023
January 11, 2023 | Akila Sivakumar
Read on to see how much the new standard business mileage rate will be for 2022 Business tax returns and how to use it.
How to minimize the S corporation LIFO recapture tax
January 10, 2023 | Brian Hare, CPA, CGMA
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status. We can meet to compute what the […]
What Business Owners Need to Know: Guaranteed Payments and the QBI Deduction
December 22, 2022 | Megan Kosciolek, MST
Business owners quick guide to Guaranteed Payments and QBI Deductions.
2023 Q1 tax calendar: Key deadlines for businesses and other employers
December 22, 2022 | Ryan Burke, CPA, MSF
Read to learn all about key deadlines for 2023 Q
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
December 15, 2022 | Megan Kosciolek, MST
Read to learn if your business qualifies for a QBI deduction.
Minimum Wage in Michigan Increases on January 1, 2023
December 13, 2022 | Skyler McCurry
Starting to take effect on January 1, 2023 the minimum wage in Michigan: Will increase from $9.87 to the new rate of $10.10. This is a $0.23 increase from the current rate. The 85% rate for minors aged 16 and 17 will increase from $8.39 to $8.59 per hour. This is a $0.20 increase from […]
Choosing a business entity? Here are the pros and cons of a C corporation
December 10, 2022 | Ryan Burke, CPA, MSF
Summary of the advantages and disadvantages of starting a C-Corporation.
Is your business closing? Here are your final tax responsibilities
December 4, 2022 | Megan Kosciolek, MST
Read to learn about final tax responsibilities when you are closing your business.
Computer Software Costs: How Does Your Business Deduct Them?
November 21, 2022 | Brian Hare, CPA, CGMA
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the […]