QBI Deduction: Use It or (Possibly) Lose It

The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it's scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it's now use-it-or-lose-it time for the Read More

Kirsch CPA Group

Feb 26, 2024

Dos and Don’ts for Business Expense Deductions

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but Read More

Kirsch CPA Group

Feb 12, 2024

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

As year end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax year — and beyond. Fortunately, no significant unfavorable federal tax law Read More

Kirsch CPA Group

Nov 21, 2023

FAQs about SE Tax

Entrepreneurs and others who work for themselves are often on the hook for significant federal self-employment (SE) tax, in addition to federal and state income taxes. Here are the answers to some common questions about Read More

Kirsch CPA Group

Oct 25, 2023

Partnerships: Tax Considerations When Adding a New Partner

Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any commitments, it's important for you and the prospective partner to understand the potential federal tax implications. Important: Read More

Kirsch CPA Group

Sep 22, 2023

IRS Orders an Immediate Stop to New Employee Retention Tax Credit Processing

After receiving a deluge of improper Employee Retention Tax Credit (ERTC) claims, the IRS recently announced an immediate moratorium through at least December 31 on processing new claims for the pandemic relief program. The tax Read More

Kirsch CPA Group

Sep 20, 2023

4 Strategies to Strengthen Your Small Business

Even at the best of times, the future is unpredictable. As anyone who has run a business for any length of time understands, there will often be challenges, many of which are unexpected — such Read More

Kirsch CPA Group

Sep 05, 2023

Midyear Tax Planning for Small Businesses and Owners

Summer isn't just for barbecues and baseball. It's also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming Read More

Kirsch CPA Group

Jul 18, 2023

Do You Owe SE Tax on Home Rental Income?

If you rent out a second home — or part of your main residence — you may be unclear about whether you need to pay self-employment (SE) tax on your net rental income. In fact, Read More

Kirsch CPA Group

May 22, 2023

Are You Using the Right Accounting Method for Your Business?

The accounting method you currently use for your small business may no longer be appropriate due to changes in market conditions or within your company. The IRS generally allows taxpayers to change their method, but Read More

Kirsch CPA Group

May 10, 2023