Choosing a business entity? Here are the pros and cons of a C corporation

Choosing a business entity? Here are the pros and cons of a C corporation

2022 – 12/05 If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the…

Intangible assets: How must the costs incurred be capitalized?

Intangible assets: How must the costs incurred be capitalized?

2022 – 11/28 These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Capitalized costs can’t be deducted in the year paid or incurred. If they’re deductible at all, they must be ratably deducted over…

Like every business, a start-up needs a sensible budget

Like every business, a start-up needs a sensible budget

2022 – 11/16 An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of start-ups are still launching. One thing that every new company needs, along with a business plan, is a sensible…

2023 limits for businesses that have HSAs — or want to establish them

2023 limits for businesses that have HSAs — or want to establish them

2022 -11/07 No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so)…

Inflation means you and your employees can save more for retirement in 2023

Inflation means you and your employees can save more for retirement in 2023

2022 -10/31 How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent…