If you run a business from home, you could qualify for home office deductions If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses…
Read More If you run a business from home, you could qualify for home office deductions
What are the tax implications of buying or selling a business? If you are considering buying or selling another business, it’s important to understand the tax implications. Under current tax law, a transaction can basically be structured in two ways:…
Read More What are the tax implications of buying or selling a business?
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…
Read More The cents-per-mile rate for business miles decreases again for 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,…
Read More COVID-19 Relief bill – Consolidated Appropriations Act, 2021
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…
Read More Drive more savings to your business with the heavy SUV tax break
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…
Read More Small businesses: Cash in on depreciation tax savers
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…
Read More The importance of S corporation basis and distribution elections
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? Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way…
Read More Do you want to withdraw cash from your closely held corporation at a low tax cost?
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…
Read More Tax responsibilities if your business is closing amid the pandemic
