BGBC Partners, LLP Tax Update: Tax Relief for Disaster Victims

Has your business been affected by one of the many natural disasters this year? Has the President designated the county of your business as a federal disaster area? If so, your business may qualify for tax relief that includes more time to file tax returns; more time to make tax payments; the ability to recover a disaster loss through tax deductions; and the opportunity to defer any gain that may have been recognized due to the insurance proceeds received.

BGBC Partners, LLP Tax Update: Website and Software Costs

Have you been thinking about launching a new business website or buying computer software soon? If so, you may want to before the end of the year. There are often many components to developing a website (i.e. software design, advertising, content, etc.). Do you know how each segment is treated for tax purposes?

BGBC Partners, LLP Tax Update: Mobile Stores

Walking back to the office around lunch time, it is not unusual to see a crowd of 12-15 people standing next to a black box truck with windows in the side getting their lunch. Everything from tacos to burgers to pizza can be made and sold out of a food truck.

BGBC Partners, LLP Tax Update: Noncash Charitable Contributions

Are you thinking of remodeling your grocery store for a fresh new look?  What will you do with all of your old shelving, refrigerators and other salvageable items?  If you choose to donate these items to a qualified charitable organization, you may receive a charitable contribution deduction.  But you may want to evaluate whether to sell the property and donate the cash or to donate the property.
 

BGBC Partners, LLP Tax Update: Leased Automobiles - Income and Expenses

Does your company provide automobiles for the owners and managers?  Do they use the automobiles for both business and personal travel? (Commuting to work is considered personal use.)  If so, has your company properly reported the income and expenses for such arrangements?

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