Running a Business From Home? Get Home Office Tax Deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to […]
Category: Tax
Ohio Urging Victims of Unemployment Fraud to Act Now
The Ohio Department of Taxation (ODT) released a statement warning Ohio residents, who may have been the victims of unemployment fraud because of identity theft, to report it or they […]
What Are the Tax Implications of Buying or Selling a Business?
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If […]
Many Tax Amounts Affecting Businesses Have Increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction […]
IRS Still Experiencing Delays
The IRS has millions of individual 2019 tax returns in the processing pipeline. They recently made some changes on their website, regarding the processing of these IRS delays. For refunds […]
The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a […]
The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After […]
PPP Loans Have Reopened: Let’s Review the Tax Consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 […]
Can Your Business Benefit From the Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which was […]
New CAA Provides Favorable Tax Breaks for Businesses
The COVID-19 relief bill, known as the Consolidated Appropriations Act of 2021 (CAA), signed into law on December 27, 2020, contains numerous favorable tax breaks for businesses. Here are some […]
Should You Convert From a C to an S Corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type […]
2021 Q1 Tax-Related Deadlines
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may […]
