Recent News & Blog / Business Tax
Understanding taxes on real estate gains
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. You may expect to pay the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets. However, some real estate gains can be taxed at higher rates due to depreciation deductions. The calculations are complex. The CPAs and tax advisors at SEK will handle them when we prepare your tax return.
The possible tax landscape for businesses in the future
The upcoming elections may significantly alter the tax landscape of U.S. businesses. The reason has to do with provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on Dec. 31, 2025. The CPAs and business tax advisors at SEK will keep you informed so stay tuned or contact us with your tax questions.
Business website expenses: How they’re handled for tax purposes
Determining the proper tax treatment for the costs involved in developing a website can be difficult. Despite the widespread use of websites, the IRS hasn’t released formal guidance on when website costs can be deducted for businesses. Contact the CPAs and business tax advisors at SEK for guidance.
Closing a business involves a number of tax responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If yours is among them, we can help you take care of various tax obligations. Contact the CPAs and tax advisors at SEK with questions and to discuss these issues.
If your business has co-owners, you probably need a buy-sell agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can: 1) transform your business ownership interest into a more liquid asset, 2) prevent unwanted ownership changes, and 3) avoid estate tax hassles with the IRS. Contact the CPAs and business tax advisors at SEK about setting up a buy-sell agreement.
Be aware of the tax consequences of selling business property
If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Contact the CPAs and tax advisors at SEK with your tax questions.
Consider borrowing from your corporation but structure the deal carefully
If you own a closely held corporation, you can borrow from it for personal purposes at rates below those charged by a bank. But be sure to set up a bona-fide loan to avoid adverse tax consequences. Contact the CPAs and tax advisors at SEK to answer your tax questions.
2024 Q3 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax-related deadlines for businesses and other employers during the third quarter of 2024.
Hiring your child to work at your business this summer
Are you hiring your child to work at your business this summer? Certain noncorporate entities can hire an owner’s under-age-18 children and their wages will be exempt from the following federal payroll taxes: Social Security tax, Medicare tax and federal unemployment (FUTA) tax. Contact the CPAs and business tax advisors at SEK to learn how to take advantage of these tax tips.
Figuring corporate estimated tax
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. (The normal June 15 due date falls on a Saturday, so it’s extended until Monday.) Let’s review the rules for computing corporate federal estimated payments.