The nice weather and the general downturn in COVID-19 cases has spurred some business owners to think about buying a car this spring. Here’s an option that may save on taxes.
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What is the best choice of entity for a new business venture? It might be an S corporation. Here’s why.
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You’ve probably heard about the new law that provides direct payments to eligible individuals. But what does the law provide to businesses?
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For tax purposes, there are many ways to conduct a business. For example, you may operate as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are some tax considerations involved in operating with that entity.
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The Work Opportunity Tax credit was set to expire on Dec. 31, 2020. But a law passed late last year extends it through Dec. 31, 2025. Here’s how employers can benefit if they’re hiring.
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The Biden Administration has announced five specific reforms to the Paycheck Protection Program that are intended to benefit small businesses.
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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.
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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.
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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.
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The price of gas is down from a year ago. How does this affect the amount your business can deduct for business driving in 2021?
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A filing requirement is coming up if your business pays independent contractors or makes other payments.
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How can your business benefit from the Consolidated Appropriations Act of 2021?
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Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.
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Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.
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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.
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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.
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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.
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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.
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The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.
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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.
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