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Should you file Form SS-8 to ask the IRS to determine a worker’s status?

Should you file Form SS-8 to ask the IRS to determine a worker’s status?

by Capocore Professonal Advisors | Apr 2, 2018 | Small Business Tax

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out how the IRS...
2018 Q2 tax calendar: Key deadlines for businesses and other employers

2018 Q2 tax calendar: Key deadlines for businesses and other employers

by Capocore Professonal Advisors | Mar 26, 2018 | Small Business Tax

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...
Defer tax with a Section 1031 exchange, but new limits apply this year

Defer tax with a Section 1031 exchange, but new limits apply this year

by Capocore Professonal Advisors | Mar 19, 2018 | Small Business Tax

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this...
Make sure repairs to tangible property were actually repairs before you deduct the cost

Make sure repairs to tangible property were actually repairs before you deduct the cost

by Capocore Professonal Advisors | Mar 12, 2018 | Small Business Tax

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be...
Don’t forget: 2017 tax filing deadline for pass-through entities is March 15

Don’t forget: 2017 tax filing deadline for pass-through entities is March 15

by Capocore Professonal Advisors | Mar 5, 2018 | Small Business Tax

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S...
Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

by Capocore Professonal Advisors | Feb 26, 2018 | Small Business Tax

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA),...
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Capocore Professional Advisors - 46 W. Shadbolt Ste A Lake Orion, Michigan 48362