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For Small Businesses: Do You Qualify for Home Office Deductions?

February 22, 2021

Business owners may be able to save tax with home office deductions. If you’re working from home (like lots of people these days), you may qualify. Here’s a rundown of the rules.
For Small Businesses: The Tax Implications of Buying or Selling?

February 16, 2021

Buying or selling a business may be the largest transaction you’ll ever make. Pay attention to taxes. After a deal is done, it may be too late to get the best tax results.
For Small Busineses: Many Tax Amounts Have Increased for 2021

February 15, 2021

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.
For Small Businesses: On the New Form 1099-NEC and Revised 1099-MISC

February 1, 2021

A filing requirement is coming up if your business pays independent contractors or makes other payments.
For Small Businesses: On the Tax Consequences of PPP Loans

January 24, 2021

Businesses that have been hit hard by the COVID-19 may be able to obtain help with PPP loans. Here are the basic rules, as well as the tax implications.
Overview of Pandemic Relief Bill for Businesses

January 13, 2021

What follows is a summary of the stimulus relief for businesses that is part of the Consolidated Appropriations Act, 2021 (H.R. 133) which was signed into law on December 27, 2020.
For Small Businesses: On the Enhanced Employee Retention Tax Credit

January 12, 2021

The Employee Retention Tax Credit rewards employers that can afford to keep workers on the payroll during the COVID-19 crisis. Here’s how it changed under a new law.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.

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