Need a New Business Vehicle? Consider a Heavy SUV
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from [...]
Which Start-Up Costs Are Deductible for Federal Tax Purposes?
Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in [...]
How Can Business Owners Lower Last Year’s Tax Bill?
Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you [...]
Bad Debts: What Losses Can You Deduct and When?
Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here's an overview [...]
Ways to Fully Deduct Business-Related Meals
Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they're specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December [...]
The New Form 1099-NEC and the Revised 1099-MISC are Due to Recipients Soon
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending [...]
One Reason to File Your 2020 Tax Return Early
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that [...]
The Right Entity Choice: Should You Convert From a C To An S Corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type [...]
Small Businesses: Cash In On Depreciation Tax Savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you [...]
Tax Responsibilities If Your Business Is closing Amid the Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of [...]
Tax Planning for a Small Business
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. [...]
Fraud Alert: Have You Heard About New Vishing Attacks?
For years, businesses and individuals have had to worry about so-called "phishing" scams sent via email or text. These cyberattacks are designed to hook unsuspecting victims into revealing sensitive information. [...]
CARES Act Changes Rules for NOL Carrybacks and QIP
Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks [...]
5 Mid-Year Tax Planning Ideas for Small Business Owners
The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income [...]
Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you are starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should [...]