Drive More Savings to Your Business With the Heavy SUV Tax Break
If you are considering replacing a car that you’re using in your business, there are several tax implications to keep in mind. A cap on deductions Cars are subject to […]
Category: Tax
QBI Deduction Basics & a Tax Tip That Might Help You Qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the […]
Small Businesses: Cash In on Depreciation Tax Savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you […]
Is My Charitable Donation Tax Deductible?
The holiday season is when many people think about how they can give back, often wanting to donate to a charity. The IRS has a tool that can help figure […]
The Importance of S Corporation Basis and Distribution Elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because […]
Families First Coronavirus Response Act (FFCRA)
Now that we’re coming up on the end of the year, many employers may be wondering about filing for the FFCRA tax credit. They may have employees who took the […]
Tax Responsibilities if Your Business Closed Amid the Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If your business closed, we’re here to assist you in any way we can, including taking care of the […]
Payroll Tax Deferral: Updated Guidance
The IRS recently posted guidance on how to report the deferral of withholding, depositing, and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020, presidential memorandum […]
New Business? It’s a Good Time to Start a Retirement Plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are […]
The 2021 “Social Security Wage Base” is Increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings […]
New from the IRS: Form 1099-NEC
The IRS has officially unveiled the new 1099-NEC form. Beginning with tax year 2020, filers must use Form 1099-NEC to report any non-employee compensation. This form replaces form 1099-MISC Box […]
Business Website Costs: How to Handle Them for Tax Purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply […]
