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So far Sonya Foster has created 909 blog entries.

Business Meals Deduction for 2022

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022

2022-04-11T16:29:48-06:00April 11th, 2022|

Cash vs. Accrual Accounting Methods

Small businesses may start off using the cash-basis method of accounting. But many eventually convert to accrual-basis reporting to conform with U.S. Generally Accepted Accounting Principles (GAAP). Which method is right for you? Cash Method Under the cash method, companies recognize revenue as customers pay invoices and expenses when they

2022-04-11T16:08:34-06:00April 11th, 2022|

Q2 2022 Tax Deadlines

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. 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

2022-04-05T12:12:07-06:00April 5th, 2022|

Establish a Tax-Favored Retirement Plan

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a

2022-03-23T14:25:06-06:00March 23rd, 2022|
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