Business Taxation

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, nowehre does the Code explicitly state that you can deduct office supplies and certain other expenses.

Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section...

Many business owners use a calendar year as their company's tax year. It's intuitive and aligns with most owners' personal returns, making it about as simple as anything involving taxes can be. Not all businesses are able to fit their primary operating seasons neatly into a calendar year, however. For these situations, choosing a fiscal year end may make more sense. 

The ins and outs...

Businesses that acquire, construct, or substantially improve a building - or did so in previous years - should consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property, allowing you to reduce your tax liability and boost your cash flow by...

The year isn't over yet, but if your Company is off to a rough start, know that a silver lining may exist in the net operating loss (NOL) deduction.

The rules

A net operating loss occurs when a business's operating expenses and other deductions for the year exceed its revenues. To qualify for the deduction, you must have business expenses in excess of your...

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