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Tax Advice Small Business

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For Small Businesses: About Start-up Expenses on Your Tax Return

July 1, 2020

In the midst of the COVID-19 crisis, some entrepreneurs are kicking off new businesses. Here’s how start-up expenses must be handled on a federal tax return.
For Small Businesses: Good Records Are Key

June 21, 2020

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
Tax Advice: When Selling a Home, Remember Taxes

June 21, 2020

Despite a slowdown in real estate sales this spring, many people are still selling their principal residences You may be able to exclude up to $250,000 ($500,000 for married joint
filers) of gain. Here are the tax rules for home sales.
Tax Advice: Seniors, Can You Deduct Medicare Premiums?

June 16, 2020

If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums,
along with other medical expenses, on your tax return. Here are the rules.
For Small Businesses: If Riots Damage Your Business

June 16, 2020

Just as many businesses were reopening, riots damaged or destroyed their storefronts, office buildings and property. Insurance may cover some, or all, of the losses but businesses
may also qualify for a tax break.
Tax Advice: A Nonworking Spouse Can Still Have an IRA

June 16, 2020

If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.
For Small Businesses: On Business Meal Deductions & Proposed Changes

June 2, 2020

President Trump has proposed increasing the amount that can be deducted for business meal and entertainment expenses. While it’s unclear if a law could pass that would enhance tax
breaks, it’s a good time to review the current rules.
Tax Advice: Can You Deduct Student Loan Interest on Your Tax Return?

May 27, 2020

The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are
the rules.
For Small Businesses: IRS Releases 2021 Amounts for HSAs

May 27, 2020

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.
Tax Advice: Was Your Economic Impact Payment Less Than Expected?

May 20, 2020

Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.
Tax Advice: You Can Still Make a Deductible IRA Contribution for '19

May 20, 2020

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now
and the extended tax filing deadline and claim the write-off on your 2019 return.
For Small Businesses: Got a PPP Loan? Forgiven Expenses Aren't Deductible

May 20, 2020

If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that
question in new guidance.
Infographic: CARES Act Tax Breaks to Help Retail Businesses

May 20, 2020

If you're a retailer who hasn't had time to review the CARES Act tax credits and incentives, read on — then by all means, let us help you!
For Small Businesses: Charitable Contribution Rules Have Changed Under CARES

May 19, 2020

Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for
enhanced charitable donation deductions.
Tax Advice: Tax Q&As Related to COVID-19

May 6, 2020

If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions.
Here are some answers.
For Small Businesses: The CARES Act Liberalizes Net Operating Losses

May 6, 2020

The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs). Here’s how.
Tax Advice: IRA Account Value Down? Consider a Roth Conversion

May 2, 2020

Consider turning a stock market downturn into a tax-saving opportunity by converting a traditional IRA into a Roth IRA.
For Small Businesses: Hiring Independent Contractors?

April 27, 2020

During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear
from the IRS.
Infographic: Eligible IRA Withdrawals Now Penalty-Free

April 22, 2020

Fun fact: The CARES Act makes it easier to take hardship distributions from retirement accounts.
Tax Advice: Q&As About Economic Impact Payments

April 22, 2020

As the Economic Impact Payments (EIPs) continue to go out, the IRS has released information about why you might not have gotten a payment. There’s also a new tool to check the
status of your EIP.
For Small Businesses: Changes to "Qualified Improvement Property" Under New Law

April 21, 2020

A drafting error by Congress meant that some improvements to interior parts of nonresidential buildings had to be deducted over 39 years. But a new law that provides COVID-19
relief fixes the error and may result in revenue for eligible businesses.
For Small Businesses: On the CARES Act Employee Retention Tax Credit

April 15, 2020

As a business with employees, you may have questions about the new employee retention tax credit. Here are some answers.
Tax Advice: IRS Announces More Relief & Details

April 15, 2020

Expecting an Economic Impact Payment from the IRS? The tax agency has made a few new announcements about the financial relief the government is providing.
For Small Businesses: Relief From Not Making Employment Tax Deposits

April 15, 2020

The coronavirus (COVID-19) crisis has resulted in unprecedented challenges for employers. Here are the details of some relief from the federal government.
Tax Advice: Changes in Retirement Plan & Charitable Contribution Rules

April 9, 2020

During the COVID-19 crisis, many people and charitable organizations need cash. The new CARES Act may provide some solutions.

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