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 […]

If not, it may be a good idea. The global COVID-19 pandemic has impacted many companies giving them new challenges this year. These same challenges, however, have created opportunities and accelerated changes that were probably going to occur all along and Rudler is here to explain. One particular area of speedy transformation is technology. It’s […]

If so, take advantage of it and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to the plan is a smart way to build a substantial sum of money for retirement, with tax advantages. This can be accomplished with a straight 401(k) plan or a Roth 401(k), or a […]

Many business owners wonder if they’re eligible to take the qualified business income (QBI) deduction (sometimes referred to as the pass-through deduction or Section 199A deduction). Your Rudler, PSC advisors are here to help with all your QBI questions. The QBI deduction: Is available to owners of sole proprietorships, single member limited liability companies (LLCs), […]

Family-owned businesses are the backbone of the American economy. There are roughly 5 million family-owned businesses in the United States, these companies make substantial contributions to both the workforce and the gross domestic product. Succession and estate planning are effective ways to protect your family-owned assets. Rise to the challenge Transferring ownership of a family […]

Are you planning to sell assets at a loss to offset gains that have been realized during 2020? It’s important to be aware of the “wash sale” rule.   IRS may disallow the loss Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within […]

The abrupt onset of the COVID-19 pandemic followed by sweeping changes to the economy have forced companies to change the size of their workforces, restructure work environments and revise sales models — just to name a few challenges. And what this has all meant for employees is the dreaded word, change. Even before this year’s […]

If you are one of the countless employees that takes advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). Don’t miss out on using funds you saved. As the year ends remember you must incur qualifying expenses by the last day of the […]

If you believe your business will incur losses in its early years S corporations can provide tax advantages over C corporations. Shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct your percentage share of these losses on your personal tax return to […]

Most businesses have either completed their 2021 budgets or are in the process. As you put the finishing touches on your budgets, be sure to cover some of the finer points in the process. This means not creating a budget just to do it, instead create it as a useful plan that can be understood […]