After two years of no increases, the optional standard 2022 mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be … Continue reading “Will The Standard Business Mileage Rate Go Up In 2022? Yes!”
Month: December 2021
The Fundamentals Of A Solid Salesperson
As the year winds down, business owners have many calendar months to look back on to determine how successfully their products or services have sold. While reviewing the numbers, think about your people, too. To achieve success in 2022, you’ll need a strong sales team in place. Bear in mind though, it’s a difficult time … Continue reading “The Fundamentals Of A Solid Salesperson”
2022 Q1 Tax Calendar: Key Deadlines For Businesses & Other Employers
Here are some of the key 2022 Q1 tax deadlines affecting businesses and other employers. 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. January 17 (The Usual Deadline … Continue reading “2022 Q1 Tax Calendar: Key Deadlines For Businesses & Other Employers”
Helping Your Employees Make The Most Of Email
Once a revolutionary breakthrough in communications technology, email is now an afterthought for many people. However, this can cause problems for businesses: Filling up servers, messages getting lost, and employee productivity not reaching its full potential. Although doing so may seem superfluous or antiquated, providing employees with some email management tips can improve efficiency and … Continue reading “Helping Your Employees Make The Most Of Email”
Providing A Company Car? Here’s How Taxes Are Handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. A company car tax writeoff results in deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the non-tax benefit of getting a company car.) … Continue reading “Providing A Company Car? Here’s How Taxes Are Handled”
Could An FLP Fit Into Your Succession Plan?
Among the biggest long-term concerns of many business owners is succession planning. How can owners smoothly and safely transfer ownership and control of the company to the next generation? From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership … Continue reading “Could An FLP Fit Into Your Succession Plan?”
The Tax Implications Of Owning A Corporate Aircraft
Is your business is successful and do you do a lot of business travel? If so, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Traveling for Business Only In most cases, if your company purchases and uses … Continue reading “The Tax Implications Of Owning A Corporate Aircraft”
Use Change Management To Brighten Your Company’s Future
Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact to small businesses. Now look ahead to the future — what further changes lie in store in … Continue reading “Use Change Management To Brighten Your Company’s Future”
Small Businesses: There Still May Be Time To Cut Your 2021 Taxes
Don’t let the holiday rush keep you from considering some important steps to reduce 2021 taxes for your small business. You still have time to execute a few strategies. Purchase Assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, … Continue reading “Small Businesses: There Still May Be Time To Cut Your 2021 Taxes”
IRS Announces Adjustments To Key Retirement Plan Limits
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and additional retirement plan limits. Here are some highlights: Elective Deferrals The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). The … Continue reading “IRS Announces Adjustments To Key Retirement Plan Limits”