As many Americans look for last minute tax saving strategies in 2020, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends.

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, here’s how to comply with the applicable tax rules while possibly lowering your future tax obligations. Under […]

Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing highly useful practice. However, there are other uses of the SWOT analysis that could serve your company well. Valuations, strategic planning, and legal defense are just some of the many ways SWOT analysis can be used. Performance […]

You might be more concerned about your 2020 tax bills right now than you are about your 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than two months (unless you file an extension). However, it’s a good idea to acquaint yourself with some of the […]

The IRS has released 2021 changes to tax-related limits. Although many have increased for 2021, like the increase of business meals deduction to 100% deductibility, others stayed the same due to low inflation over the past year. Here’s a rundown of those that may be important to you and your business. Social Security tax The […]

Under current law, sponsors of 401(k) plans may exclude from eligibility those employees who are under age 21 or who do not work at least 1,000 hours in a plan year. The latter provision, known as the service requirement, is about to change. What does this mean for your company’s 401(k) plan? Beginning in 2024, […]

Over the last year, leadership at every level of your business has been tested due to Covid. The pandemic created a stress test for many business owners but, what most do not realize, is it did the same for supervisors of departments and other work groups. How has your leadership adapted? Among the most important […]

Currently electric vehicles (or EVs) are a small percentage of the cars on the road today, but they are becoming increasingly popular each year. If you decide to buy one, you may be eligible for a federal tax credit. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including […]

This year, the standard mileage rate used to calculate the deductible costs of operating your personal vehicle for business decreased to 56 cents per mile. As a result, you might be looking at claiming a lower deduction in 2021. The standard mileage rate has decreased for two consecutive years and could be pushing to decrease […]

As a business owner, it is likely you were asked to produce financial statements in some fashion in order to meet the requirements of lenders or stakeholders. But how can you best extract these useful insights? One way is to view your financial statements through a wide variety of “lenses” provided by key performance indicators […]