The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for [...]
Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let's take a look: DEFERRING INCOME Businesses using the cash method of accounting can defer income into 2021 [...]
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. GENERAL TAX PLANNING STRATEGIES General tax [...]
On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). [...]
If your business has obtained a PPP loan, you will presumably soon be applying to have some or all of that loan forgiven pursuant to the SBA's PPP guidelines. That raises the interesting question of what the [...]
The IRS has recently issued final regulations regarding details about investment in qualified opportunity zones (QOZ). The regulations modified and finalized proposed regulations for QOZ businesses that IRS previously issued. The final regulations provide additional guidance for [...]
While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use [...]
Here's what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business [...]
As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. [...]
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can [...]
