You may benefit from some recent tax changes. Due to the current situation of the pandemic, many tax changes were made that might impact your individual tax bill. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. These changes were made in order to mitigate […]

Most business owners are aware that there is a tax advantage to taking money out of a C Corporation as compensation rather than as dividends. However, there are limits to how much money you can take out of the corporation this way. The advantage of taking money out of a C Corporation as compensation rather […]

On Thursday, March 11th, President Biden signed the newest in a series of approximately $5 trillion in COVID-19 stimulus packages into law, authorizing an additional $1.9 trillion in aid to boost the U.S. economy. The amount of funds that have been given as stimulus during this time is unprecedented and leaves businesses more vulnerable than […]

The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements to the Premium Tax Credit. However, these changes could increase the risk of some businesses incurring an Affordable Care Act penalty. Individuals and families pay for insurance through a Health Insurance Marketplace ( also known as an “Exchange”) and […]

This spring the housing market has been very strong in many parts of the country. If you’re buying or selling a home, you should understand the components that make up your “basis.”   How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most […]

Are you considering a retirement plan for yourself and your employees, but worried about the costs and the burdens involved in managing a traditional pension plan? Two paths to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an alternative to “qualified” retirement plans, […]

Over the past year many businesses have switched to having the majority, if not all, of their employees work from home, which requires that technology works effectively. While your IT support staff may believe the technology for remote working is working great, the remote workers themselves may not agree. This was among the findings of […]

You may consider yourself to be the head of the house, but that doesn’t mean you qualify to file your taxes under the head of household status. There are five filing status options to choose from on your tax return and each status has it’s own requirements. If you qualify to file as head of […]

When considering if you should work with any of your family members, there are likely many pros and cons. If you are thinking about hiring your child at your small business, one of the pros may be tax considerations. By hiring your child, you could save on income taxes and payroll taxes. Shifting business earnings […]

A new law was signed in early March by the American Rescue Plan Act (ARPA) to offer widespread financial relief to small businesses adversely affected by the COVID-19 pandemic. If you own a small company, you may want to explore this or the Small Business Administration’s (SBA’s) Economic Injury Disaster Loan (EIDL) program, both explained […]