And how to treat start-up expenses on your tax return. If you handle your initial expenses in certain ways you could reduce the amount of taxes you pay.  While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being […]

Most business owners are aware that their strategic plans from the beginning of 2020 look far different now. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. The COVID-19 pandemic has forced business owners to adapt quickly and severely in this ever changing economy. You may have lost an edge […]

Traditionally, spring and summer are the most popular times to sell your home. If you’re planning to sell your home this year, it’s a good time to review the tax considerations. However, due to the COVID-19 pandemic, sales have slowed down quite a bit this year. The National Association of Realtors (NAR) reports that home […]

If you own a business or have been thinking about a startup, you have probably been told that you need to keep good records of your income and expenses. Be sure to record every possible business expense you can so that you receive all of the tax deductions that you are entitled to. Also, make […]

The Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) in April to help companies impacted by COVID-19. Created under the Coronavirus Aid Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500 employees. Originally, the PPP offered eligible participants loans determined by eight weeks of previously […]

For Seniors age 65 and older who have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. Medicare premiums can add up fast, so receiving a tax break from these extra payments for additional coverage will be a benefit if you qualify. Tax deductions for Medicare […]

With the recent developments happening around the country, riots in urban areas have caused storefronts, office buildings and business properties to be destroyed. As a result of these riots, some of these businesses have lost products due to theft, windows have been smashed, and some buildings were burned to the ground. Businesses really felt this […]

What does succession planning look like to you? It probably looks like a long term process. One where the new successor can slowly be groomed over the years, and maybe you’re even there for a while after the transition to help advise them. That sounds like a great plan. But what if it doesn’t go […]

There is a way. Retirement planning is important. While many know that, it can still be difficult for married couples to plan for retirement if only one of them is employed. However, there is an option for a spousal IRA where contributions can still be made for a nonworking spouse. Under the spousal IRA rules, […]

The coronavirus (COVID-19) has been hard on many businesses, but particularly the restaurant and entertainment industry has been hit hard. One potential aide for these businesses comes in the form of a proposed tax break by President Trump that would enhance the current deductibility of meals and entertainment on tax returns. While this could help […]