Are Business Gifts Tax Deductible? Here’s What You Can and Can’t Write Off Giving a thoughtful gift to a client, vendor, or employee is a nice way to show appreciation and strengthen relationships—but can you deduct those gifts on your taxes? The short answer: Yes, business gifts are tax deductible—but with strict limits. At Hogan […]
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How to Avoid Capital Gains Tax When Selling a Business: Smart Strategies for Owners Selling a business you’ve spent years building is a major milestone—and often, a highly profitable one. But if you’re not careful, capital gains tax can take a sizable chunk out of your earnings. Fortunately, there are strategies available to help minimize
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Are Business Loan Payments Tax Deductible? What You Can and Can’t Write Off If you’re running a small business and have taken out a loan to fund operations, expansion, or equipment, you may be wondering: Are business loan payments tax deductible? The answer is a bit nuanced. While the principal portion of your loan payments
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Tax Benefits of Leasing a Car vs Buying a Car for Your Business When it comes to acquiring a vehicle for your business, one of the most important questions is: Should I lease or buy—and which option offers better tax benefits? The answer depends on how you plan to use the vehicle, your cash flow,
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Will I Get a Tax Refund If My Business Loses Money? If your business didn’t turn a profit this year, you’re not alone—and you’re definitely not out of options. One of the first questions we get from small business owner CPA clients in this position is:“If my business loses money, can I still get a tax
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What’s the Difference Between Payroll Tax and Income Tax? If you’ve ever looked at your paycheck (or handled payroll as a business owner), you’ve probably seen deductions for both payroll tax and income tax. At first glance, they might seem like the same thing—but they’re actually two very different parts of the tax system. Understanding
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Does Ohio Tax Retirement or Pension Income in 2025? If you’re planning for retirement, you may be thinking about Ohio and if it taxes retirement or pension income. The answer isn’t a simple yes or no. While some retirement income is taxed in Ohio, the state offers tax breaks for certain types of income, including
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Does Ohio Have an Inheritance Tax? Even though Ohio doesn’t have an inheritance tax, there are still ways to reduce potential tax burdens on an inherited estate with proper tax planning for estates: does Ohio have an inheritance tax? The short answer is no—Ohio does not impose an inheritance tax. That’s one less thing to
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What Percentage Does a Small Business Pay in Taxes? The percentage a small business pays in taxes varies widely but often falls between 20% and 30% of its net income. The exact tax rate depends on factors like business structure, location, and revenue. Owning a small business comes with its share of responsibilities—and taxes are
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What Is a Principal Business Code for Taxes? For business owners, accurately completing tax forms is essential to staying in compliance with the IRS. One piece of information the IRS often requires is a “Principal Business Code” (PBC). While this code may seem like just another number, it plays a significant role in defining your
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