The Tax Cuts and Jobs Act (TCJA) made many changes to the tax deductions and credits that are available to businesses. One of those is the R&D tax credit. This credit can save some businesses hundreds of thousands of dollars, but only if they understand exactly when it is...
Construction companies have many different tax deductions available to them, and workers can also take advantage of numerous tax breaks that help save money. What are some of the deductions that you and your employees should take advantage of moving forward? 5 Common Tax Deductions for Construction Companies Car...
Many people got involved in buying and selling cryptocurrency over the course of 2020 and 2021, and this trend is here to stay. However, what many people don’t realize is that buying and selling cryptocurrency can impact their tax bills. What should you know about cryptocurrency and taxes before...
As a business, there are many different parts of the tax code that you need to understand in order to avoid issues. One of those is Section 1244. Section 1244 is known as the small business stock provision, and it allows shareholders of specific small businesses the ability to...
Preparing for tax season can be overwhelming, even if you are working with an experienced accounting services company like MKS&H. However, putting time and effort into planning and preparing for the filing process can rapidly streamline things and make sure that you are getting all of the deductions that...
Tax season is right around the corner, which means that every business should be sitting down with their accounting professionals to review their books for the year and get their taxes filed on time. However, as you look ahead it’s a good idea to familiarize yourself with tax credits...
Choosing the legal structure of your business can be incredibly challenging, as there are pros and cons of each structure. While some of the differences will primarily impact how you run things behind the scenes, there are many tax implications associated with all of the formats. At MKS&H we...
In today’s world, workers in the gig economy and freelancing are more common than ever. However, are you really on the hook for paying taxes when you deliver a few pizzas on a Friday night? Do you have an obligation to file and report the income if you are...
While your e-commerce business might feel different from a traditional brick and mortar business, the law and IRS will treat you in much the same manner. In fact, you might have additional regulations that you are subject to. E-commerce businesses should work with a tax professional to make sure...
The American Rescue Plan brought many different changes to businesses, and one of the things that is changing is the Form 1099-K reporting threshold for third-party settlement organizations. The old rule, which remained the rule for the 2020 and 2021 tax years, centered around a $20,000 minimum per 200...
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