Start Counting Up Your 2021 COVID-19 Deductions
As the COVID-19 pandemic swept the world, tax and financial relief efforts were sped along to help business owners stay afloat. As 2021 settled in, some of those efforts trickled away. So, where do you stand as a business owner? What COVID-19 tax deductions should be accounted for before the year’s end? Here are a […]
E-Sign Extended for More Tax Forms
You can keep e-signing many of your IRS forms through the end of 2021, the IRS has announced. Plus, more forms have been added to that list. In April 2021, the IRS announced it will allow digital signatures on certain forms that can’t be filed electronically. Before the pandemic, it was mainly Form 1040 for […]
Federal Contracting & Your Small Business
Federal contracting can be an excellent niche for small businesses in many areas, including manufacturing, IT, professional services, construction and more. With the federal government rewarding $13 billion more in small business contracts this fiscal year over last, it’s time to understand the risks and rewards. The U.S. Small Business Administration (SBA) recently announced that […]
Tax Breaks for Pivoting Your Business
The construction industry has been through a rollercoaster of highs and lows the past couple of years. The pandemic has caused volatility in project timelines, staffing, regulations, and the supply chain in ways that may have forced you to reinvent how you do business. Each of these activities, however, can hold tax advantages if you […]
Six Early Moves
There is only one certainty for business owners: You won’t be able to stay at the helm forever. You’ll exit, either by choice or by circumstance. Some business owners prepare years in advance for that day, but family business owners don’t often have such a clear vision in place. Click To View
New Tax Developments for S Corporations
An important tax court decision was recently passed down that addresses a common audit trigger for S corporations: Payments to sole shareholders. Are they considered wages or distributions? The answer to that question can alter a business owner’s tax obligation by thousands of dollars. When a business is just starting out, the owner often chooses […]
Can a Retroactive Tax Hike Happen This Year?
There’s talk about the potential for a retroactive tax hike for capital gains. Is it possible? Yes. But is it likely? That question is much more difficult to answer. Legally, the U.S. President and Congress hold the power to raise taxes retroactively, meaning that the increase could apply anytime during that same calendar year. The […]
Why File a Business Tax Return If I Didn’t Make Money?
There’s much more to lose than gain when failing to file a business tax return. You must file if you make money, of course, but it’s also essential to file when you break even or when you lose money. The rules on filing taxes depend on how your business is structured. Corporations, including LLCs treated […]
Taxes on Collectibles
Many valuable coins, stamps, artwork, cars, and other collectibles are considered alternate investments by the IRS. With the pandemic reportedly sparking new interest in memorabilia and the trading of collectibles going digital–some using online tokens as payment–it’s time to brush up on what that means for your taxes. Click To View
6 Family Business Succession Tips
There is only one certainty for business owners: You won’t be able to stay at the helm forever. You’ll exit, either by choice or by circumstance. Some business owners prepare years in advance for that day, but family business owners don’t often have such a clear vision in place. Overlooking a smart exit plan can […]