New business? It’s a good time to start a retirement plan If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are…
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The 2021 “Social Security wage base” is increasing If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to…
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Understanding the passive activity loss rules Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from…
The easiest way to survive an IRS audit is to get ready in advance IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But…
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Business website costs: How to handle them for tax purposes The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply…
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2020 Q4 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there…
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Employers have questions and concerns about deferring employees’ Social Security taxes The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page…
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5 key points about bonus depreciation You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful…
Oh, no, your original will is missing! In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will…
Will You Have to Pay Tax on Your Social Security Benefits? If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It…
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