Increase your profitability
At Baxter CPA, we work with small to medium sized businesses to develop an efficient, long-term tax strategy. Our goal is to help our clients increase their profitability by reducing the amount of tax owed.
We save our clients thousands of dollars each year by combining our expert knowledge of current tax credits, deductions, and exemptions with a deep understanding of your business and your goals.
There’s nothing like being surprised when tax season rolls around. Let us help form a strategy to maintain your taxes, expectations, and growth!
Frequently Asked Tax Questions
Are holiday gifts for employees or customers tax-deductible?
When you make gifts to customers, the gifts are deductible up to $25 per recipient per year. For purposes of the $25 limit, you need not include “incidental” costs that don’t substantially add to the gift’s value, such as engraving, gift-wrapping, packaging or shipping. Also excluded from the $25 limit is branded marketing collateral — such as pens or stress balls imprinted with your company’s name and logo — provided they’re widely distributed and cost less than $4.
Are holiday parties tax deductible?
Holiday parties are fully deductible (and excludable from recipients’ income) provided they’re primarily for the benefit of non-highly-compensated employees and their families. If customers also attend, holiday parties may be partially deductible.
When should I buy business assets?
The Tax Cuts and Jobs Act (TCJA) of 2018 has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year.
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Fayetteville, AR 72703
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