Category: Small Business Tax Briefs

  • Drive More Savings To Your Business With The Heavy SUV Tax Break

    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 cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the…

  • Tax Responsibilities If Your Business Is Closing Amid The Pandemic

    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 can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for…

  • New Business? It’s A Good Time To Start A Retirement Plan

    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 qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan, A tax-free buildup of the value of…

  • The Tax Rules For Deducting The Computer Software Costs Of Your Business

    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 should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing, or developing computer software.…

  • 5 Key Points About Bonus Depreciation

    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 placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and…

  • The Possible Tax Consequences Of PPP Loans

    The Possible Tax Consequences Of PPP Loans

    If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance…

  • Businesses: Get Ready For The New Form 1099-NEC

    Businesses: Get Ready For The New Form 1099-NEC

    There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with the tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least…

  • Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways To Chip Away At Your Bill

    Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways To Chip Away At Your Bill

    The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier…

  • Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

    Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

    If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you…

  • Fortunate Enough To Get A PPP Loan? Forgiven Expenses Aren’t Deductible

    Fortunate Enough To Get A PPP Loan? Forgiven Expenses Aren’t Deductible

    The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross…