How to treat your business website costs for tax purposes
Most businesses have a website. But determining the proper tax treatment for the costs involved in developing a website isn’t easy. The IRS hasn’t yet released official guidance, so you must apply existing guidance that’s available on other costs to the issue of website development costs. The exact treatment of website design costs depends on whether they’re software or hardware and whether they’re part of a start-up business. If you hire third parties to set up and run your website, payments are currently deductible as ordinary and necessary business expenses. Contact us if you have questions or want more information about planning for website costs.
4 Trends Shaping Apartment Finance
Low interest rates are just one of the factors that are heating up the multifamily mortgage market, explains multifamily loan originator David A. Krebs.
Build-to-Rent Deals: Navigating the Legal Issues
Structuring transactions in this emerging asset class presents challenges that developers and investors should consider, advise attorneys from the law firm of Goulston & Storrs.
Growing dental practices with a virtual CFO
Just what is a virtual CFO, and will it help your dental practice? Many practices have tried working with this virtual member of the team, and their bottom lines are healthier.
Bar is rising for consumerism in healthcare, but providers are still playing catch-up
To keep pace with other industries, healthcare organizations will have to alter their approach to access and convenience.
Close to one-third of healthcare employees have never received cybersecurity training, report shows
There is an apparent lack of awareness of federal regulations in both the U.S. and Canada to keep patient information secure.
Uncle Sam may provide relief from college costs on your tax return
We all know college is expensive. Fortunately, there are two sizable federal tax credits for higher education costs that you may be able to claim. The American Opportunity credit generally provides the biggest benefit to most taxpayers. It offers a maximum benefit of $2,500. But it phases out based on modified adjusted gross income (MAGI). For 2019, the MAGI phaseout ranges are between $80,000 and $90,000 for single taxpayers, and between $160,000 and $180,000 for married joint filers. There’s also the Lifetime Learning credit, which equals 20% of qualified education expenses for up to $2,000 per tax return. There are requirements to qualify for both credits. Contact us for more information.
How to research a business customer’s creditworthiness
Extending credit to business customers can be an effective way to establish goodwill and nurture long-term buyers. But customer credit also brings financial risks. For this reason, it’s critical to thoroughly research a customer’s creditworthiness. Start by contacting the potential customer’s trade references to get background on its payment history. Also check its banking info to ascertain financial stability. Order a credit report to obtain its business credit score. To glean some insights beyond dollars and cents, explore traditional media (newspapers, magazines, trade publications) and social media to get a better sense of the company. Contact us for additional tips.
5 ways to withdraw cash from your corporation while avoiding dividend treatment
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution is taxable to you as a shareholder but it’s not deductible by the corporation. But there are several alternatives that may allow you to withdraw cash from a corporation and avoid dividend treatment. For example, you might be able to receive capital repayments, or obtain reasonable compensation for you (or family members), as well as certain fringe benefits. If you’re interested in discussing these or other ideas, contact us. We can help you get the maximum out of your corporation at a minimum tax cost.