Tax Archives - Page 21 of 31 - HW&Co. CPAs and Advisors

The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon

By: Julie Gillespie

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

By: Ed Decker

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?

By: Ed Decker

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

By: Ed Decker

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?

By: Kate Protsenko-Blake CPA

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

By: David M. Reape

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 […]

Drive More Savings to Your Business With the Heavy SUV Tax Break

By: Kate Protsenko-Blake CPA

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 […]

QBI Deduction Basics & a Tax Tip That Might Help You Qualify

By: Ed Decker

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

By: Kate Protsenko-Blake CPA

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?

By: David M. Reape

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

By: Karen Baksa CPA

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 […]

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