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Tax Advice Small Business

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For Small Businesses: What's New in the New COVID-19 Relief Law

January 7, 2021

Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.
Tax Advice: What's in the COVID-19 Relief Law for You?

January 7, 2021

Can you benefit from the massive new Consolidated Appropriation Act signed into law? Here are some of the tax highlights for individuals.
Tax Advice: Use More Than One Taxpayer Filing Status?

January 7, 2021

As we wind down 2020, be aware that December 31 is an important date when it comes to filing your tax return. Whether you’re married or unmarried on that date will affect how you file. Check out the 5 federal tax filing statuses and who can claim them.
Tax Advice: Next Estimated Tax Deadline on January 15

January 7, 2021

The fourth estimated tax payment deadline for 2020 is coming up. Here are the details of when it is and whether you’re required to make a payment.
For Small Businesses: Convert From a C to an S Corp?

January 5, 2021

Are you reconsidering the choice of entity for your business? These are several factors to consider when converting from a C corporation to an S corporation. Here are four of them.
For Small Businesses: Prevent & Detect Insider Cyberattacks

January 5, 2021

Cybercrime isn’t always perpetrated by anonymous hackers in foreign countries. Some of the criminals stealing a company’s data could be employees. Reduce the risk of insider cyberattacks by following these tips.
For Small Businesses: 2021 Q1 Tax Deadlines for Businesses & Employers

December 28, 2020

Businesses face a variety of tax-related deadlines in the first quarter of 2021. Here are some of them.
Tax Advice: Don't Forget About Your FSA Funds

December 22, 2020

It’s that time of year again: time to spend your unused dollars if you have an FSA.
For Small Businesses: Save More With the Heavy SUV Tax Break

December 22, 2020

There are substantial tax breaks when you buy a heavy SUV for business. Here are the details if you’re purchasing new wheels before year end.
Tax Advice: Can You Qualify for a Medical Expense Tax Deduction?

December 22, 2020

Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.
For Small Businesses: On S Corp Basis & Distribution Elections

December 22, 2020

Do you operate your business as an S corporation? Be aware that several elections are available to an S corp. or its shareholders that can affect the basis adjustments caused by distributions and other events.
For Small Businesses: QBI Deduction Basics, Plus a Year-End Tax Tip

December 15, 2020

Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.
For Small Businesses: Cash In On Depreciation Tax Savers

December 15, 2020

Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.
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.

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