The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) For tax deduction purposes, a business will treat the car much the same way it would any other business asset. Providing an auto for an owner or key employee comes with complications and paperwork. Personal use will have to be tracked and valued under the fringe benefit tax rules and treated as income. We can help you stay in compliance with the rules and explain more about this prized perk.
Numerous tax limits affecting businesses have increased for 2022 Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social...
The SBA is out of money for PPP Loans as of May 4, 2021. Only loans currently in process will be considered. Congress chose to spend $2 Trillion on other programs rather than continuing these vital loans for small businesses. I have helped more than 50 small...
Know the ins and outs of “reasonable compensation” for a corporate business owner Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct...
PP Application Deadline Extended in New Law On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass...
When Should You Take Social Security Benefits? If you’re nearing retirement, you’ve likely paid into the Social Security system your entire career. It’s only fitting that you finally cash in on the Social Security benefits that are rightfully yours. But when should...
What are the tax implications of buying or selling a business? Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or...
In a News Release, IRS has announced that tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 individual income tax year returns. It also provided additional filing season date information. IRS said that the...
2nd Round PPP Loans!!!! As of January 16, 2021, I have submitted 10 PPP Loans for the second round. Small Banks are the first ones the SBA is permitting to offer the loans. Since it is on a first-come, first-served basis until the money runs out speed is important! I...
NEW LAW DOUBLES BUSINESS MEAL DEDUCTIONS AND MAKES FAVORABLE PPP LOAN CHANGES The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for...
