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Recent Posts

  • Opening a New Location Calls for Careful Planning
  • Small Business Tax Breaks to Consider in 2022
  • Small businesses: There still may be time to cut your 2021 taxes!!
  • Expanding Succession Planning Beyond Ownership
  • IRS additional guidance addresses COBRA assistance under ARPA
  • Roos & McNabb CPA Fresno, CA
    For Business Owners,  Tax Deductions

    Small Business Tax Breaks to Consider in 2022

    January 12, 2022 /

    2022 is officially here and the best way to start the year is to plan your budget, large purchases, and plan out any tax breaks available to you. Here are 3 tax breaks available to small businesses! 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired and placed in service in calendar year 2021. That means your business might be able to write off the entire cost of some or all asset additions on this year’s return. Consider making acquisitions between now and December 31. Note: It doesn’t always make…

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    Keeping Remote Sales Sharp In The New Normal

    August 22, 2021
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    Get serious about your strategic planning meetings

    September 15, 2021
    Large cash transactions with your business must be reported to the IRS roos and mcnabb cpa fresno, california tax prep tax help

    Large cash transactions with your business must be reported to the IRS

    September 7, 2021
  • For Business Owners,  Tax Deductions

    Getting a new business off the ground: How start-up expenses are handled on your tax return

    August 29, 2021 /

    Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know that many of the expenses incurred by start-ups can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. How to treat expenses for tax purposes If you’re starting or planning to launch a new business, keep these…

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    September 7, 2021
    Small businesses: There still may be time to cut your 2021 taxes

    Small businesses: There still may be time to cut your 2021 taxes!!

    December 10, 2021
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    Small Business Succession Planning

    June 6, 2021
  • For Business Owners,  Tax Deductions

    The Deductibility of Corporate Expenses Covered by Officers or Shareholders

    July 28, 2021 /

    Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. nondeductible expenses: In general, you can’t deduct an expense you incur on behalf of your corporation, even if it’s a legitimate “trade or business” expense and even if the corporation is financially troubled. This is because a taxpayer can only deduct expenses that are his own. And since your corporation’s legal existence as a separate entity…

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    5 Ways to Take Action on Accounts Receivable

    July 15, 2021
    Recordkeeping DOs and DON’Ts for business meal and vehicle expenses Roos & McNabb CPA Fresno, CA

    Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses

    June 13, 2021
    Expanding succession planning beyond ownership

    Expanding Succession Planning Beyond Ownership

    October 30, 2021
  • For Business Owners,  Tax Deductions

    10 Facts About the Pass-Through Deduction for Qualified Business Income

    July 11, 2021 /

    Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction.  It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S corporations. It may also be claimed by trusts and estates. The deduction is intended to reduce the tax rate on QBI to a rate that’s closer to the corporate tax rate. It’s taken “below the line.” That means it reduces your taxable income but not your adjusted gross income. But it’s available regardless of whether you itemize deductions or take the…

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    Small Business Tax Breaks to Consider in 2022

    January 12, 2022

    Getting a new business off the ground: How start-up expenses are handled on your tax return

    August 29, 2021
    2021 Q3 tax calendar: Key deadlines for businesses and other employers. Roos & McNabb CPA Fresno, CA

    2021 Q3 Tax Calendar: Key deadlines for businesses and other employers

    June 20, 2021
  • Recordkeeping DOs and DON’Ts for business meal and vehicle expenses Roos & McNabb CPA Fresno, CA
    For Business Owners,  Tax Deductions

    Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses

    June 13, 2021 /

    If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case. Facts of the case In the case, the taxpayer ran a notary and paralegal business. She deducted business meals and vehicle expenses that she allegedly incurred in connection with her business. The deductions were denied by the IRS…

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    10 Facts About the Pass-Through Deduction for Qualified Business Income

    July 11, 2021
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    Small Business Tax Breaks to Consider in 2022

    January 12, 2022
    Expanding succession planning beyond ownership

    Expanding Succession Planning Beyond Ownership

    October 30, 2021
  • Roos & McNabb CPA Fresno, California
    Tax Deductions

    Take that Client to Dinner: Business Meals Are Deductible in 2021 and 2022

    June 6, 2021 /

    The Consolidated Appropriations Act, 2021, increased the business-meal deduction for the cost of food and beverages provided by a restaurant from 50 percent to 100 percent in 2021 and 2020 to promote increased business spending at restaurants. The temporary allowance of 100% meal deductions applies only to food and beverages provided by a restaurant and only for tax years 2021 and 2022. Notice 2021-25 states: “A business may claim 100 percent of food or beverage expenses paid to restaurants, assuming the business owner (or employee) is present when provided and the expense is not lavish or extravagant under the circumstances.” Under the temporary provision, restaurants include businesses that prepare and sell…

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    10 Facts About the Pass-Through Deduction for Qualified Business Income

    July 11, 2021

    The Deductibility of Corporate Expenses Covered by Officers or Shareholders

    July 28, 2021
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    Small Business Tax Breaks to Consider in 2022

    January 12, 2022
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