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Important Tax Aspects of Operating Your Business as a Sole Proprietor

February 15, 2022

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:

The 2021 Gift Tax Return Deadline Is Almost Here, Too

February 10, 2022

April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709.

Keeping Meticulous Records Is The Key To Tax Deductions And Painless IRS Audits

February 8, 2022

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.

Entrepreneurs And Taxes: How Expenses Are Claimed On Tax Returns

February 3, 2022

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, be aware of the tax implications.

Tax Fraud Alert: Criminals Posing As IRS Agents

February 1, 2022

At the start of the new tax season, the IRS is reminding taxpayers to be alert for scam phone calls. Criminals make aggressive calls posing as IRS agents in an attempt to steal money or personal information. Here are tips from the IRS on how spot a scam call.

Standard vs Itemize Deductions

January 27, 2022

Is it better to take the standard deduction or to itemize deductions? It depends on your situation. The standard deduction amount changes yearly and is based on filing status and age. Itemizing is more complicated but if your total deductions exceed the standard deduction, you might save significant taxes.

Kemper Webinar - Employment Law Update: Lessons Learned and What to Look Out for in 2022

January 26, 2022

Please join us for a complimentary webinar in which our long-time outside employment counsel Nathan Baker from Barnes & Thornburg LLP will walk us through some key employment developments from last year as well as what we might encounter moving into 2022.

Numerous Tax Limits Affecting Businesses Have Increased For 2022

January 25, 2022

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business.

How To Forecast Smarter

January 20, 2022

Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing. You’ll need to do more than just multiply last year’s numbers by a projected growth rate.

Businesses With Employees Who Receive Tips May Be Eligible For A Tax Credit

January 18, 2022

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.

With Proper Planning, A Charitable Remainder Trust Can Replicate A “Stretch” IRA

January 13, 2022

The “stretch” IRA generally no longer exists. But if you have a substantial balance in a traditional IRA, a properly designed charitable remainder trust (CRT) can allow you to replicate many of its benefits.

Advance Child Tax Credit Payment & Economic Impact (Stimulus) Payment Letters Needed

January 11, 2022

The IRS will be sending out two letters to taxpayers in January. It is important than you retain these letters and provide your accountant with each letter. Entering incorrect advance child tax credit or economic impact payment amounts will cause delays in tax return processing and the issuance of refunds.

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