Blog
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2020
Small Business Tax Briefs: November 2020
In this post: Tax responsibilities if your business is closing amid the pandemic. Do you want to withdraw cash from your closely held corporation at a low tax cost? Health Savings Accounts for your small business. The importance of S corporation basis and distribution elections. Small businesses: Cash in on depreciation tax savers.
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2020
Small Business Tax Briefs: October 2020
In this post: New business? It’s a good time to start a retirement plan.
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2020
Small Business Tax Briefs: September 2020
In this post: Employers have questions and concerns about deferring employees’ Social Security taxes. 2020 Q4 tax calendar: Key deadlines for businesses and other employers.
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2020
Small Business Tax Briefs: August 2020
In this post: File cash transaction reports for your business — on paper or electronically. The possible tax consequences of PPP loans. The President’s action to defer payroll taxes: What does it mean for your business? CARES Act made changes to excess business losses. 5 key points about bonus depreciation.
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2020
Small Business Tax Briefs: July 2020
In this post: Steer clear of the Trust Fund Recovery Penalty. Businesses: Get ready for the new Form 1099-NEC. Even if no money changes hands, bartering is a taxable transaction. Why do partners sometimes report more income on tax returns than they receive in cash?
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2020
Small Business Tax Briefs: June 2020
In this post: Business meal deductions: The current rules amid proposed changes. Rioting damage at your business? You may be able to claim casualty loss deductions. Good records are the key to tax deductions and trouble-free IRS audits. Launching a business? How to treat start-up expenses on your tax return. Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill.
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2020
Small Business Tax Briefs: May 2020
In this post: The CARES Act liberalizes net operating losses. Business charitable contribution rules have changed under the CARES Act. CARES Act tax breaks to help retail businesses. Fortunate enough to get a PPP loan? - Forgiven expenses aren’t deductible. IRS releases 2021 amounts for Health Savings Accounts.
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2020
Small Business Tax Briefs: April 2020
In this post: Answers to questions about the CARES Act employee retention tax credit. Relief from not making employment tax deposits due to COVID-19 tax credits. New COVID-19 law makes favorable changes to “qualified improvement property”. Hiring independent contractors? Make sure they’re properly classified.
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2020
Small Business Tax Briefs: March 2020
In this post: Work Opportunity Tax Credit extended through 2020. Determine a reasonable salary for a corporate business owner. Small business owners still have time to set up a SEP plan for last year. Coronavirus (COVID-19): Tax relief for small businesses. The new COVID-19 law provides businesses with more relief.
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2020
Small Business Tax Briefs: February 2020
In this post: Do your employees receive tips? You may be eligible for a tax credit. Do you want to go into business for yourself? How business owners may be able to reduce tax by using an S corporation. Do you run your business from home? You might be eligible for home office deductions.
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