CPA Blog

Filing for an extension isn’t without perils

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Published: Thursday, 07 April 2016 12:00

Written by Phillip Strickler, CPA.CITP

Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension.

Extension deadlines

Filing for an extension allows you to delay filing your return until the applicable extension deadline:

• Individuals — October 17, 2016
• Trusts and estates — September 15, 2016

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Making your case for a business loan

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Published: Tuesday, 05 April 2016 09:23

Written by Phillip Strickler, CPA.CITP

From afar, the commercial lending process may appear comical. On one side of the desk you have the lenders, who want to manage their risk by loaning money to only successful business owners. On the other side of the desk, you have the business owners — many of whom believe they can’t truly become successful until they get the money!

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Entrepreneurs: What can you deduct and when?

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Published: Tuesday, 29 March 2016 10:17

Written by Phillip Strickler, CPA.CITP

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away.

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4 facts about the Section 199 tax deduction

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Published: Friday, 25 March 2016 08:24

Written by Phillip Strickler, CPA.CITP

The Section 199 deduction is often overlooked by business owners, perhaps because they’re not sure what it is. You may see it referred to as “the domestic production deduction,” or the “domestic production activities deduction” or “the manufacturers’ deduction.” Here are four more facts about this potentially valuable tax break:

1. It’s a weighty percentage

The deduction is worth as much as 9% of the lesser of qualified production activities income or taxable income. But it’s limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts.

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