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 […]

Life insurance proceeds are generally non-taxable, however, if you have a life insurance policy in place you will want to ensure that the benefits your family will receive won’t be in included in your estate after death to avoid federal estate tax. Current exemption amounts For 2021, the federal estate and gift tax exemption is […]

If you are in the market to purchase or replace a vehicle that you will use in your business you should consider the tax benefits before making your final decision. You may be able to benefit from certain tax rules discussed below if you choose a heavy sport utility vehicle (SUV). Bonus depreciation Under current […]

It is well known that COVID has made times tough for many businesses. The recently passed American Rescue Plan Act could help lighten the burden for employers required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA).   100% subsidy Under the ARPA, assistance-eligible individuals (AEIs) may receive a 100% […]

There has not been many upsides to COVID, but an enhanced child care credit for 2021 could be one for eligible families. The credit is available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. The real benefit is that […]

One of the most important and impacting decisions a business owner makes is deciding what type of entity is best suited for their company. Below are benefits from electing to be an S Corp, but also items to be aware of.   Anticipating losses If you expect that the business will incur losses in its […]