December 31 may have a larger impact than just popping some bubbly and counting down to the new year. When it comes to taxes, that date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. […]

We all want the best situation as it pertains to tax liabilities. Your entity choice can have a massive impact on your business, including its tax liability. There are many things to consider before changing your business entity, here are a few to get the mind moving in the right direction. S corporations can provide […]

On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, (the “Relief Act”), which includes a relief package consisting of $900 billion in aid to small businesses and individuals impacted by COVID-19. The focus of this Alert is to address changes made to the Paycheck Protection Program (PPP) through Title III – Continuing the […]

After many months of debate and consternation, Congress has finally overridden the guidance issued by the IRS and Secretary Mnuchin regarding deducibility of expenses paid for with PPP loan funds.   The Relief Act states “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason […]

For decades businesses have worked to find efficient ways to achieve their goals and complete the various objectives set. With the hustle and bustle of daily function it is easy to have a lack of planning, leading to inefficiency. By following the steps set by the Balanced Scorecard your business can prepare for the future […]

For some, estimated tax payments are essential parts of the tax year. The final deadline for which these extra payments can be made is January 15th, 2021. Continue reading to see if you should consider making one last payment. If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax […]

With 2020 coming to a close and 2021 rounding the corner there are some important tax deadlines to keep in mind. By meeting these deadlines you ensure the accuracy of tax reporting as well as timely reporting for your business and employees. Below are some of the key tax-related deadlines affecting businesses and other employers […]

With the year 2020 coming to a close and hopefully the COVID-19 pandemic with it, the new year may be the best time to revaluate your sales force.   Maybe the economic changes triggered by the COVID-19 pandemic led you to downsize earlier in the year. Or perhaps you’ve added to your sales team to […]

Although medical expenses are tax deductible, many people cannot qualify for the deduction. With tax planning from a trusted advisor, you may be able to time discretionary medical expenses to your advantage for tax purposes.   Itemizers must meet a threshold For 2020, the medical expense deduction can only be claimed to the extent your […]

If you have been contemplating replacing a business vehicle, you could take advantage of several tax savings strategies by purchasing an SUV!   Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the alternative Section […]