May 5, 2021
Why it’s Important to Meet the Tax Return Filing and Payment Deadlines
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed...
May 3, 2021
Claiming the Business Energy Credit for Using Alternative Energy
Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax...
April 28, 2021
Know the Ins and Outs of “Reasonable Compensation” for a Corporate Business Owner
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than...
April 26, 2021
Unemployed Last Year? Buying Health Insurance this Year? You may Benefit from Favorable new Changes
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to...
April 21, 2021
Home Sales: How to Determine Your “Basis”
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it...
April 19, 2021
Simple Retirement Savings Options for your Small Business
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved...
April 14, 2021
Tax Advantages of Hiring your Child at your Small Business
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business...
April 12, 2021
Who Qualifies for “Head of Household” Tax Filing Status?
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of...
April 7, 2021
How to Ensure Life Insurance isn’t Part of your Taxable Estate
If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way,...
April 5, 2021
Need a New Business Vehicle? Consider a Heavy SUV
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from...
March 31, 2021
Is an S Corporation the Best Choice of Entity for your Business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business...
March 29, 2021
New Law Tax Break May Make Child Care Less Expensive
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer...
March 24, 2021
New Law: Parents and Other Eligible Americans to Receive Direct Payments
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic....
March 22, 2021
Business Highlights in the New American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several...
March 17, 2021
Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if...
March 15, 2021
Launching a Small Business? Here are some tax considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole...
March 10, 2021
Work Opportunity Tax Credit Extended Through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax...
March 8, 2021
Retiring soon? Recent Law Changes may have an Impact on your Retirement Savings
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be...
March 3, 2021
Didn’t contribute to an IRA last year? There still may be time
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you...
March 1, 2021
If you run a business from home, you could qualify for home office deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain...
February 24, 2021
Did you make donations in 2020? There’s still time to get substantiation
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what...
February 22, 2021
What are the Tax Implications of Buying or Selling a Business?
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...
February 17, 2021
2021 Individual Taxes: Answers to your Questions about Limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due...
February 15, 2021
Many tax amounts affecting businesses have increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And...
February 10, 2021
The Cents-per-Mile Rate for Business Miles Decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56...
February 8, 2021
The Power of the Tax Credit for Buying an Electric Vehicle
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a...
February 3, 2021
PPP Loans have Reopened: Let’s Review the Tax Consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help...
February 1, 2021
Don’t Forget to Take Required Minimum Distributions This Year
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a...
January 27, 2021
One Reason to file your 2020 Tax Return Early
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you...
January 25, 2021
Can your Business Benefit from the Enhanced Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a...
January 20, 2021
Educate Yourself about the Revised Tax Benefits for Higher Education
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher...
January 18, 2021
New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks...
January 13, 2021
Your Taxpayer Filing Status: You May...
January 11, 2021
The Right Entity Choice: Should you convert from a C to an S Corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to...
January 6, 2021
The Next Estimated Tax Deadline is January 15th if you have to make a Payment
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax...
January 4, 2021
2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in...
December 30, 2020
Drive More Savings to your Business with the Heavy SUV Tax Break
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A...
December 28, 2020
Can You Qualify for a Medical Expense Tax Deduction?
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard...
December 23, 2020
Health Savings Accounts for your Small Business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an...
December 21, 2020
Employees: Don’t Forget about your FSA Funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here...
December 16, 2020
The QBI deduction basics and a year-end tax tip that might help you qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is...
December 14, 2020
Maximize your 401(k) Plan to Save for Retirement
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a...
December 9, 2020
Small Businesses: Cash in on Depreciation Tax Savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable...
December 7, 2020
Can Investors who Manage their own Portfolios Deduct Related Expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax...
December 2, 2020
There May be Relief from Tax Liability for “Innocent Spouses”
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you are getting divorced, you should know...
November 30, 2020
Understanding the Passive Activity Loss Rules
Are you wondering if the passive activity loss rules affect business ventures you are engaged in — or might engage in? If the ventures are passive activities, the passive activity...
November 25, 2020
What Happens if an Individual Can’t Pay Taxes
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time?...
November 23, 2020
What tax records can you throw away?
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due...
November 18, 2020
Taking distributions from a traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more...
November 16, 2020
How Series EE savings bonds are taxed
Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in...
November 11, 2020
Tax responsibilities if your business is closing amid the pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we...
November 9, 2020
New business? It’s a good time to start a retirement plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of...
November 5, 2020
Disability income: How is it taxed?
Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it...
November 3, 2020
Divorcing couples should understand these 4 tax issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an...
October 28, 2020
Are scholarships tax-free or taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition...
October 26, 2020
Buying and selling mutual fund shares: Avoid these tax pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have...
October 21, 2020
The 2021 “Social Security wage base” is increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced...
October 19, 2020
What tax records can you throw away?
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re...
October 7, 2020
The easiest way to survive an IRS audit is to get ready in advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among...
October 5, 2020
Why it’s important to plan for income taxes as part of your estate plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be...
September 30, 2020
The tax rules for deducting the computer software costs of your business
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you...
September 28, 2020
Business website costs: How to handle them for tax purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be...
September 18, 2020
Tax implications of working from home and collecting unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home....
September 14, 2020
2020 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind...
September 10, 2020
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the...
September 9, 2020
5 key points about bonus depreciation
Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property...
September 8, 2020
Back-to-school tax breaks on the books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may...
August 31, 2020
Will You Have to Pay Tax on Your Social Security Benefits?
If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will...
August 24, 2020
The President’s action to defer payroll taxes: What does it mean for your business?
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer...
August 17, 2020
The President’s action to defer payroll taxes: What does it mean for your business?
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer...
August 10, 2020
The tax implications of employer-provided life insurance
Does your employer provide you with group term life insurance? If so, and if...
August 5, 2020
Are scholarships tax-free or taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for...
July 27, 2020
IF YOU'RE SELLING YOUR HOME, DON'T FORGET ABOUT THE TAXES
Traditionally, spring and summer are popular...
April 23, 2020
Relief from not making employment tax deposits due to COVID-19 tax credits
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the...
April 23, 2020
New COVID-19 law makes favorable changes to “qualified improvement property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts...
April 6, 2020
Answers to questions about the CARES Act employee retention tax credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages...
March 25, 2020
Coronavirus (COVID-19): Tax relief for small businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a...
March 24, 2020
Individuals get coronavirus (COVID-19) tax and other relief
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department...
February 4, 2020
There still might be time to cut your tax bill with IRAs
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you...
February 4, 2020
Do your employees receive tips? You may be eligible for a tax credit
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a...
January 30, 2020
Numerous tax limits affecting businesses have increased for 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020....
January 30, 2020
Answers to your questions about 2020 individual tax limits
Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be...
January 22, 2020
4 new law changes that may affect your retirement plan
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these...
January 21, 2020
This year, the optional standard mileage 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...
New rules will soon require employers to annually disclose retirement income to employees
New rules will soon require employers to annually disclose retirement income to employees
As you’ve probably...
Here are some of the key tax-related deadlines affecting businesses...
February 1, 2019
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be...
April 17, 2018
The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.
4 breaks...
March 26, 2018
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure...
March 19, 2018
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of...
March 6, 2018
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S...
February 26, 2018
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act...
February 12, 2018
Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high...
February 6, 2018
With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus...
February 3, 2018
Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had...
January 29, 2018
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or...
January 23, 2018
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the...
January 16, 2018
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for...
January 10, 2018
The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17)....
January 8, 2018
Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting...
January 4, 2018
The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same.
It also makes...
December 28, 2017
On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers.
The...
December 27, 2017
The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on...
December 19, 2017
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the...
December 13, 2017
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in...
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:
Pay your 2017 property tax bill that’s due in early 2018.
Make...
November 30, 2017
The “most wonderful time of the year” is right around the corner. While the holidays are a fun and festive time to get together with family and friends, they can also be a very difficult time for your finances. Here are six tips to get you through this holiday season debt-free.
1. Plan ahead – One of the most important parts of saving over the holidays is having a...
October 24, 2017
As summer ends and autumn begins, one can naturally conclude that the holiday season is just around the corner. Yes, chestnuts will be roasting on an open fire and city sidewalks will be dressed in holiday style before we know it. But that also means that another time if year will be here before we know it; tax season.
It seems hard to believe that we should be already...
September 28, 2017
Are you doing a little “fall cleaning” in your office? Nothing feels better than getting organized as year-end approaches. You may be tempted to toss out old tax records to...
August 15, 2017
May 26, 2017
Does your business undergo an annual audit, or is it about to be audited for the first time? If so, it’s likely that just the term...
April 5, 2017
You may already know that the more allowances you claim on your W-2, less income tax will be held back. This means you will receive larger paychecks, but a smaller tax refund. To maximize your tax refund for 2017, take a look at these tips and see if you can incorporate them the next time you file.
Choose the correct filing status
Don't assume that just because...
March 1, 2017
The healthy growth of an organization requires the careful consideration of how to appropriately manage assets. Creating a strategic asset management plan plays an important part in encouraging growth while offering valuable insight into what is working and what areas need to be addressed. March is Asset Management Awareness Month – the perfect time to review or create your asset...
February 20, 2017
It’s that time of year! No, not THAT time of year, where chestnuts are roasting on an open fire and city sidewalks are dressed in holiday style. But it is the time of year to get a head start on filing your taxes. While the deadline to file your state and federal taxes for 2016 is still two months away, with the busy schedule you lead, it doesn’t hurt to think ahead and get...
December 29, 2016
Why Risk Management is Important for a Small Business
Risk management is something that large businesses spend a lot of time discussing. They consider the components of risk within their organizations and develop processes to identify, measure, and manage that risk. Often, small business owners do not consider this a vital conversation for their business...
November 29, 2016
How to Avoid an IRS Audit
As the end of the year draws near, it’s time to plan for filing this year’s taxes. While the chance of being audited is slim, no one wants to invite scrutiny from the IRS. Roughly 0.84% of 2015 tax returns were audited, but that percentage still translates to well over one million people receiving an audit. Learning what raises red...
November 15, 2016
The “most wonderful time of the year” is right around the corner. While the holidays are a fun and festive time to get together with family and friends, they can also be a very difficult time for your finances. Here are six tips to get you through this holiday season debt-free.
Tax & Business Consultants is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take a moment to...
February 8, 2016
On January 19th, the 2016 Tax Season opened and the IRS began accepting individual tax returns. For many individuals, tax season is a time of stress and anxiety. If you have a significant amount of paperwork to sift through, there’s no need to worry! Tax and Business Consultants has some organizational tips to help you through the stressful tax season. All it takes...
January 21, 2016
If you’re looking for exceptional service, the professional guidance and expertisefrom Tax & Business Consultants will aid you in a number of services to help your business operate more efficiently. Let us help your business with tax planning, tax preparation,
January 4, 2001
The Next Estimated Tax Deadline is January 15 if you have to make a Payment
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax...
Why it’s Important to Meet the Tax Return Filing and Payment Deadlines
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed...
Claiming the Business Energy Credit for Using Alternative Energy
Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax...
Know the Ins and Outs of “Reasonable Compensation” for a Corporate Business Owner
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than...
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