National Small Business Week Spotlights Eligible Tax Breaks

In observation of National Small Business Week, following are three tax breaks to consider.   1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired and placed in service in calendar year 2021. That means your […]

Do you need a business loan?

There has never been a bigger highlight on small business loans than in the past year or so with the Paycheck Protection Program. This program has been helpful to many businesses, but what if you still find yourself in need of some extra cash as you move forward? If so, more traditional commercial loan options […]

Your business just suffered a theft loss, what now?

Theft, including embezzlement, can potentially cause severe financial hardship for businesses. You may be able to recover some of your losses by claiming the theft loss as a deduction on your tax return. To do so you must substantiate the loss. A recent U.S. Tax Court decision regarding embezzlement illustrates how that’s sometimes difficult to […]

Are your marketing efforts paying off?

The way you market your company can make or break you. For smaller to midsize businesses it is especially important to make sure you are putting your money in the right place for these expenses and to understand how to measure the return on this investment. Here are five questions to ask yourself and your […]

Do you qualify for a casualty loss tax deduction?

No matter where you live, unexpected disasters will potentially damage your home or personal property. Prior to the Tax Cuts and Jobs Act (TCJA), eligible victims of these casualties could claim a deduction on their tax returns, but there are new restrictions that make it more difficult to take. What’s considered a casualty for tax […]

What do IRS auditors know about your business industry?

IRS auditors often do research about the industry or issues when preparing for a business audit. One of these tools are “Audit Techniques Guides” or ATGs which are available for everyone on the IRS website. You can use these guides to make sure you are in compliance with the tax laws and regulations that may […]

Taking your succession planning a step further

Planning out how your business will transition to new ownership can and should happen early on to insure the transition goes as smooth as possible. But if you want to take your succession plan to the next level, consider expanding its scope beyond ownership. Your succession plan could include any employee who’s considered indispensable and […]

Things to consider if your employer provides life insurance

At first glance, employer-provided life insurance –specifically group term life insurance– seems like a very desired fringe benefit. However, this benefit could actually be costing you money if the coverage is higher than $50,000.   Tax on income you don’t receive The first $50,000 of group term life insurance coverage that your employer provides is […]

Guidance for small business owners and divorce

The last thing on one’s mind during a divorce is probably taxes, however, how you handle your assets during the separation could greatly affect the amount you pay in taxes. This is especially true for business owners where many assets are involved.   Tax-free property transfers You can generally divide most assets, including cash and […]