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 in providing a traditional pension plan? Two options to consider are a “simplified employee pension”…
While the reporting deadline for unclaimed property varies by state, many have a November 1 deadline. Nothing to worry about yet, right? Think again. You should be taking steps soon, but first, let's take a step back for a quick…
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 earnings You can turn some of your high-taxed income into…
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 lucrative tax rules for those vehicles. Bonus depreciation Under current…
The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee Retention Tax Credit (ERTC) — to entice employers to…
The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here's the story.…
Restaurants, food stands, caterers, wineries, distillery owners and others are crossing their fingers that they can get a chance at the Restaurant Revitalization grants, a new $28.6 billion program for eligible entities to receive a grant equal to the amount…
Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in the year they're incurred or paid — or whether they…
The Treasury Department and Internal Revenue Service announced yesterday that the April 15 deadline to file 2020 federal income taxes for individuals has been automatically extended to May 17, 2021. As this extension is automatic, taxpayers will not need to…
Tax season is well underway. The pandemic has led to several changes to the tax rules for last year. Here's a summary of four taxpayer friendly changes that may affect your 2020 federal income tax return. 1. Limited Charitable Deduction Can…