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...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
When Should You Take Social Security Benefits?
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...
Tax Implications Of Buying Or Selling A Business
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...
Internal Revenue Service Late On Accepting Tax Returns And Sending Refunds
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...
PPP Loans – The Second Round
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 PPP Loans!
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...
Top New Year’s Resolutions for Small Businesses
A Dozen New Year’s Resolutions for Small Business Owners Have you made any New Year’s resolutions for 2021? Resolutions usually take the form of personal goals like eating healthier or getting rid of clutter around the house. But you can also make New Year’s...
Qualified Business Interest Deduction – Act Now – the Biden Administration may end it!
THE QBI DEDUCTION BASICS AND A YEAR-END TAX TIP THAT MIGHT HELP YOU QUALIFY If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A...
Keep Your Accounting Records!
The tax rules for deducting the computer software costs of your business
THE TAX RULES FOR DEDUCTING THE COMPUTER SOFTWARE COSTS OF YOUR BUSINESS Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex...