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The cents-per-mile rate for business miles decreases again for 2021

The cents-per-mile rate for business miles decreases again for 2021 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a…

EMPLOYER TAX CREDITS FOR PAID SICK LEAVE AND FAMILY AND MEDICAL LEAVE

EMPLOYER TAX CREDITS FOR PAID SICK LEAVE AND FAMILY AND MEDICAL LEAVE The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020.  It provides businesses with tax credits to cover some of the cost for…

2020 COVID relief bill provisions affecting individual taxpayers

12/30/2020 2020 COVID relief bill provisions affecting individual taxpayers Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or COVIDTRA) and…

COVID-19 Relief bill – Consolidated Appropriations Act, 2021

COVID-19 Relief bill - Consolidated Appropriations Act, 2021 On December 21, 2020, U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill, the Consolidated Appropriations Act , 2021. President Donald Trump signed the bill on December 27,…

Drive more savings to your business with the heavy SUV tax break

Drive more savings to your business with the heavy SUV tax break Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject…

Small businesses: Cash in on depreciation tax savers

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 may benefit…

The importance of S corporation basis and distribution elections

The importance of S corporation basis and distribution elections S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders…

Health Savings Accounts for your small business

Health Savings Accounts for your small business Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health…

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Do you want to withdraw cash from your closely held corporation at a low tax cost? Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way…

Tax responsibilities if your business is closing amid the pandemic

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…