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Tax Planning 2020

December 8, 2020

Please be aware of these items that have been implemented for the 2020 tax year. We would be happy to review these and any other tax questions or concerns with you - let us know!
Tax Advice: Avoid the Wash Sale Rule if Selling Stock by Year's End

December 3, 2020

If you’re fortunate to have cashed in some investment gains in 2020, you may be looking for unrealized losses in your portfolio to offset your gains. Selling losing stock may reduce your 2020 tax liability. But be aware of the “wash sale” rule.
Tax Advice: How Series EE Savings Bonds Are Taxes

November 19, 2020

Do you own Series EE bonds? Take a look at the issue dates. If the bonds are no longer earning interest, you probably want to redeem them. Here’s more about how the interest on the bonds is taxed.
For Small Businesses: Advice for Owners of Closely Held Corporations

November 19, 2020

Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.
For Small Businesses: Health Savings Account Basics

November 16, 2020

Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here’s a review at what an HSA could mean for your business, as well as the relevant inflation-adjusted amounts for 2020 and 2021.
Infographic: Support Small, Support Black

November 16, 2020

How to find local Black-owned businesses to support?
Infographic: Small Business Saturday Approaches

November 16, 2020

How does shopping locally really affect your community?
For Small Businesses: If You're Closing Amid the Pandemic

November 13, 2020

There are a number of tax obligations that must be met when a business closes its doors. Sadly, because of COVID-19, many businesses are facing this reality. Here are the basic requirements.
Tax Advice: On the Taxing of Disability Income

November 13, 2020

If you become disabled and are fortunate enough to receive disability income, you may have to pay federal tax on it. Here are the basic rules.
Client Letter Re: Paycheck Protection Program

November 2, 2020

As we prepare to move forward, we would like to take a moment to carefully consider the impact of the PPP Loans that many companies acquired during 2020. There are two main items that should be addressed thoughtfully: the forgiveness process and tax planning.
For Small Businesses: New Business? It's a Good Time to Start a Retirement Plan

October 27, 2020

Entrepreneurs: Don’t ignore saving for retirement. Here are the basics of tax-favored plans to help build your nest egg.
Tax Advice: Divorcing Couples, Beware These 4 Tax Issues

October 27, 2020

Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce.
For Small Businesses: Understanding the Passive Activity Loss Rules

October 27, 2020

The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.
For Small Businesses: The 2021 "Social Security Wage Base" is Increasing

October 27, 2020

Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just announced the base amount for 2021.
Tax Advice: On Buying & Selling Mutual Fund Shares

October 27, 2020

Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid.
For Small Businesses: What Tax Records Can You Toss?

October 22, 2020

Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.
Tax Advice: Implications of Working from Home, Collecting Unemployment

October 12, 2020

Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
Tax Advice: Why to Plan for Income Taxes As Part of Your Estate Plan

October 12, 2020

With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
For Small Businesses: To Survive at IRS Audit, Get Ready

October 12, 2020

Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.
Tax Advice: Relief from Tax Liability for "Innocent Spouses"

October 12, 2020

In some cases, a married couple files a joint tax return and one spouse doesn’t disclose all of his or her income. The IRS goes after the other spouse for payment. But there may be “innocent spouse” relief.
For Small Businesses: On Deducting Computer Software Costs

October 1, 2020

The tax rules for treating computer software costs can be complex. Here’s a basic explanation.
Infographic: 5 Tips to Help Prompt Customer Payment

September 23, 2020

Are slow-paying customers gumming up your works? Try these tips.
For Small Businesses: How to Handle Website Costs for Tax Purposes

September 23, 2020

Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Here are the general rules.
Tax Advice: On Investors Who Manage Their Own Portfolios

September 23, 2020

Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.
For Small Businesses: 2020 Q4 Tax Calendar

September 15, 2020

With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.

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