2020 Year-End Tax Planning Ideas for Small Businesses
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years.…
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. Many employees…
5 Mid-Year Tax Planning Ideas for Small Business Owners
The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to…
Midyear Tax Planning Ideas for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for…
Last-Minute Strategies for Businesses that Deferred Filing Tax Returns
During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have significant…
Family Business Tax-Saving Moves in the COVID-19 Era
Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But there's a silver lining: Proactive tax planning can help your family business take advantage of potential opportunities…
COVID-19 Relief for Employers: New Employee Retention Tax Credit
The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million Americans applied for unemployment benefits in March, according to the U.S.…
Federal Tax Relief to Alleviate COVID-19 Hardships
The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has stalled. Unemployment claims have skyrocketed. And many schools and businesses are…
Tax Filing and Payment Deadlines Extended
As you may have heard, there are significant changes to tax filing and payment deadlines. Federal The Internal Revenue Service (IRS) recently issued guidance allowing all taxpayers (this includes individuals,…
Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity
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…