These days, a cell phone is no longer just a personal device; it’s a workplace must-have. With cloud-based tech advancing rapidly, features like email, remote payment processing, document access, project management apps, work calendars, and client calls are all conveniently synced to our personal devices. While there are no federal laws requiring a company to […]
Below we have assembled a brief summary of some of the business taxpayer provisions of the American Rescue Plan Act of 2021 (ARPA), passed on March 11, 2021. Extension of the paid sick and expanded family and medical leave tax credits Payroll tax credits. Paid sick leave and family leave credits are extended to apply […]
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you […]
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. […]
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider switching methods.
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of […]
When starting a business, understanding your tax obligation is one key to business success. With the internet and the wealth of information found on the web, it’s easy to be misinformed. Hopefully this post will clear up any questions or concerns you may have when starting your business. Business Structure. One of the first decisions you […]
We live in a global society. As a CPA I am constantly traveling to meet clients or attend tax conferences. If your trip is set up properly, you can reap the tax benefits of travel while still making time for pleasure. I’ve assembled this short blog with some of the highlights every business owner should […]