Recent News & Blog / Business Tax
2024 Rates & Dates
The IRS recently released the 2024 rates and dates, which includes the following:
2024 Payroll Tax Bulletin
The IRS recently released the 2024 payroll tax rates, which we have summarized in a bulletin that contains the following:
Updated Maryland minimum wage and overtime law
Effective January 1, 2024, Maryland State's employee minimum wage is increasing to $15 per hour for all employers, regardless of size. In contrast to the 2023 state rate hike, the rate remains consistent regardless of whether a company has more or fewer than 15 employees.
Business owners: Giving gifts and throwing parties can help show gratitude and provide tax breaks
It’s holiday time again! Your business may want to show its appreciation to employees and customers by giving them gifts or hosting parties. It’s important to understand the tax implications. Gifts to customers, “De minimis” noncash gifts to employees (such as a holiday turkey), holiday parties and holiday cards are also likely to be deductible. Contact the CPA's and business tax advisors at SEK with your holiday tax questions and for more tax tips.
A company car is a valuable perk but don’t forget about taxes
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. Our CPA's and Tax Advisors can help keep you in compliance with the rules. Give our accounting firm a call today for more tax tips and financial advice.
New FinCEN reporting requirement: beneficial ownership information reporting under the Corporate Transparency Act
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act.
There still may be time to reduce your small business 2023 tax bill
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income
Key 2024 inflation-adjusted tax parameters for small businesses and their owners
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets
A cost segregation study may cut taxes and boost cash flow
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.
2023 Year-End Year-Round Tax Planning Guide
At SEK, we are dedicated to helping you maximize your income through a variety of tax-saving strategies. We are excited to share our 2023 Year-End Year-Round Tax Planning Guide, which includes: