On March 27, the President signed into law another coronavirus (Covid-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]

To guard against natural disasters and other calamities, many companies buy business interruption insurance. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended. However, buying coverage is one thing — making a claim and receiving the funds is quite another. Depending on the scope of […]

Is your tax bill higher than you’d like it to be? There may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the resulting tax savings on your 2019 return. See […]

If you are a food and beverage business where tips are customary for your employees, you may be eligible for a tax credit. If you qualify, the tax credit is based on the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Ask your Rudler tax professional if you qualify […]

Business owners should remain cautious when their customer list is relatively short, or a few customers make up the majority of revenue. Here is a basic outline that can help in determining if concentration risk needs to be an area of focus for your business moving forward. Common problem A common problem among many companies […]

April 15 is quickly approaching and you have less than three months to file your 2019 individual tax return. Failure to file on time can result in tax penalties and interest, so it is extremely important to submit a return on time. However, it’s a good idea to familiarize yourself with tax-related amounts that may […]

A variety of tax limits have increased this year to keep up with inflation. Check out these items to see if they impact you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 for 2019). Deductions Section […]

Most business owners would probably agree that an increase in sales is a good thing. To this end, every company should strive for organic sales growth. That is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a merger or acquisition is necessarily a bad idea, but you can’t rely […]

Many individuals make charitable gifts, both because they’re generous and they want to save money on their federal tax bill. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]

In 2020, the optional standard mileage reimbursement rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct […]