Posts by jonas
1099 Requirements for Businesses: What You Need to Know
The Internal Revenue Service (IRS) requires a business to complete and distribute 1099 forms to payees and the federal and state taxing authorities. The 1099 form allows businesses to report payments made to another as income, not including wages made to employees. Below is more information on requirements businesses should understand regarding 1099s. Types of…
Read MoreAre You Cheating Yourself by Using IRS Mileage Rates?
Are you using the standard IRS mileage rates for your business travels? Did you even know there was another option? The good news is that there is, and it might just be a better way to go when it comes to your business vehicle and mileage expenses. Some people aren’t aware that the actual expense…
Read More2022 Last-Minute Vehicle Purchases to Save on Taxes
It’s that time of year again: tax time. Businesses across the US are gearing up for the grueling task of limiting their liability, maximizing tax deductions, and protecting their profits. There’s good news, though. A vehicle purchase now could give you the replacement business car, SUV, van, or pickup truck you need, while offering additional…
Read MoreNew Tax Credits to End 2022
Have you heard about the Inflation Reduction Act? Signed into law by President Biden on August 16, 2022, it contains several extremely valuable tax credits for homeowners (along with many other measures that could help you save money). What’s included in the Inflation Reduction Act? What tax credits should you be aware of? How else…
Read MoreBusiness Tax Credits For Your Electric Vehicle Purchase
If you’re thinking about buying an electric vehicle soon for business or personal use, you need to know how the Inflation Reduction Act of 2022 will impact your purchase. There’s good news if you want to purchase an electric vehicle for business use in 2023 – many of the new rules that will impact the…
Read MoreStudent Loan Forgiveness: What Applicants Need to Know in 2022
When it comes to extending their education, applying for student loans has been vital for new and returning students to be able to fulfill their financial obligations. President Joe Biden and his administration recognized that alleviating this financial burden could help students across the country. By providing the student loan forgiveness program, this debt relief…
Read MoreInstallment Sales: Maximize Your Profits And Defer Taxes
Selling your business or a piece of real estate often leads to a sizeable capital gains tax. But what if it didn’t have to? Installment sales have the potential to maximize your profits, defer taxes, and even potentially reduce how much capital gains tax you ultimately pay. How do installment sales work? What are the…
Read MoreC-Corp Tax Tips: Beware of The Hidden Tax
There are a few things in life that are certain: death, taxes, and the need to keep your business finances separate from your personal ones. While most business owners are familiar with these, many don’t know about the accumulated earnings tax. Corporate tax services like Jones CPA Group provides can aid businesses of all sizes…
Read MoreHow Rental Property Owners Can Avoid the Net Investment Income Tax
Houston area investment property owners have every reason to be concerned about the Net Investment Income Tax (NIIT). It’s an extra 3.8 percent of tax in addition to whatever amounts you are already paying for federal income and self-employment tax. With rental properties as a primary focus for the NIIT, it can quickly make a…
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