When starting a new business, tax issues – along with everything else – can feel overwhelming and unsurmountable. But in spite of COVID-19 restrictions, many entrepreneurs are still considering new or additional business opportunities. If you are planning a new business start-up and are incurring expenses, here are some specific tax issues to be aware …
For Business
4 Important Questions Entrepreneurs Should Consider During the 2020 Tax Season
As if filing taxes wasn’t challenging enough, this 2020 tax season is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free lunch” is proving true once again. Now that …
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Congress Authorized a Second Round of PPP Loans
Congress approved a second round of PPP loans in 2021 called the Consolidated Appropriations Act. Included in its almost 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees. It also had allowances for loans to certain businesses with multiple …
Increased Business Meal Deductions for 2021 and 2022
With increased business meal deductions for 2021 and 2022, the business lunch is back! If you recall, the Tax Cuts and Jobs Act (TCJA) eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it retained a deduction for business meals when the expense is ordinary and not extravagant. Especially when a business meal …
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Standard Mileage Rates for 2021 Just Announced
Recently, the IRS announced the standard mileage rates for 2021 which outlines the use of a vehicle for business, medical and moving purposes. This baseline is based on a number of factors in order to determine the standard mileage rates for the following year. Recently, the IRS announced the 2021 optional standard mileage rates. Thus, …
Your Annual Reminder to File Worker Form 1099-NEC
This is our annual reminder that if you use workers other than employees to perform services for your business (and those services equal more than $600 for the year) be sure to file worker 1099-NEC for them. You are required to issue each worker a Form 1099-NEC. This is for you to avoid facing the …
Do You Know When Your Holiday Employee Gifts Are Taxable?
It is common practice this time of year for employers to give their employee gifts to staff. The question is then – what makes a gift taxable? Some gifts are a de minimis fringe benefit. There are two main factors that determine the taxable status of a gift: the gift is infrequently offered or that …
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Don’t Miss Out on Year-End Tax Planning Opportunities
Year-end tax planning opportunities could be exactly what could help perk up a challenging year. Mentioning that COVID-19 has made 2020 a disastrous year for just about everyone is an understatement. But these tax planning options may give you some relief ahead. In response to the economic slowdown and losses of income, Congress passed several …
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12 Financial Metrics Small Business Owners Should Track for Success
If you’re looking for the most helpful financial metrics small business owners should track – look no further. Operating a small business is an exhilarating and, sometimes overwhelming endeavor. There are so many details to keep track of that it’s easy to forget about the basics of your small business’s finances. Especially if you don’t …
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