NKSFBTax Insights
There’s a Favorable “Stepped-Up Basis” If You Inherit Property
June 20, 2023
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order.
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Take Advantage of the Rehabilitation Tax Credit When Altering or Adding to Business Space
June 12, 2023
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings.
Use the Tax Code to Make Business Losses Less Painful
June 5, 2023
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
Choosing an Entity for Your Business? How About an S Corporation?
May 30, 2023
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why.
Protect the “Ordinary and Necessary” Advertising Expenses of Your Business
May 22, 2023
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes.
Buying a New Business Vehicle? A Heavy SUV Is a Tax-Smart Choice
May 15, 2023
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes.
The Tax Rules for Donating Artwork to Charity
May 8, 2023
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions.