Many businesses use vehicles as part of their day to day operations, but how do you know that you are getting the largest deduction possible out of them? The rules are complicated and in certain circumstances have special limitations that apply to them. Let’s discuss the rules that apply for tax depreciation on your business […]

The U.S. Department of Health and Human Services, through the Health Resources and Services Administration (HRSA) recently revised reporting requirements for recipients of Provider Relief Fund (PRF) payments. Period 1 Due September 30, 2021. The revision includes expanding the amount of time providers will have to report information, aims to reduce burdens on smaller providers, […]

In the past year and a half some industries have seen dramatic growth, while others have overcome incredible challenges. If your business is doing well enough for you to consider adding a location, both congratulations and caution are in order. “Fortune favors the bold,” goes the old saying. However, strained cash flow and staffing issues […]

With the housing market climbing this past summer, many homeowners saw a increase in the value of their home. Be aware of the tax implications if you’re selling your home or you sold one in 2021. You may owe capital gains tax and net investment income tax (NIIT). According to the National Association of Realtors, […]

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 […]

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 […]

Many people may want to give gifts of stocks or cash to their loved ones, especially as the holiday season draws nearer. Gift giving can also be used as an estate planning tool to reduce the size of your taxable estate. For 2021, the gift exclusion is $15,000. The exclusion covers gifts you make to […]

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 […]

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 […]

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 […]