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QBI Deduction Basics and a Year-End Tax Tip that Might Help You Qualify

QBI Deduction Basics and a Year-End Tax Tip that Might Help You Qualify

If you own a business, you may be eligible to take the QBI deduction. We sometimes refer to this as the pass-through deduction or Section 199A deduction.
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Small Businesses: Cash In On Depreciation Tax Savers

Small Businesses: Cash In On Depreciation Tax Savers

It’s time to think about whether your business needs to buy depreciable property. You may benefit from the depreciation tax deduction for business property.
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SBA Questioning PPP Borrowers with Loans Over $2 Million

SBA Questioning PPP Borrowers with Loans Over $2 Million

The secretary of the treasury intended for all PPP loans to be audited. However, now, only those of $2 million or more will be subject to audit.
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Mortgage Insurance Premium Deduction Retroactively Extended

Mortgage Insurance Premium Deduction Retroactively Extended

This mortgage insurance premium deduction has been retroactively extended back to 2018 and through 2020. Consider amending your 2018 return for a refund.
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Tax Rules for Deducting the Computer Software Costs of Your Business

Tax Rules for Deducting the Computer Software Costs of Your Business

Do you buy, lease, or develop computer software to use in your business? Know the complex rules that apply to the tax treatment of software costs.
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What Is “Transparency” of Health Care Coverage?

What Is “Transparency” of Health Care Coverage?

Many employers pride themselves on transparency about how and with whom they do business. "Transparency,” however, also applies to group health care plans.
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IRS Releases Final Version of Form 941-X Related to COVID-19 Relief

IRS Releases Final Version of Form 941-X Related to COVID-19 Relief

The IRS significantly revised Form 941-X. This form allows for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941
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Employee Holiday Gifts May Be Taxable--What Employers Need to Know

Employee Holiday Gifts May Be Taxable--What Employers Need to Know

Employers often give employees holiday gifts. If a gift is a de minimis fringe benefit, it is tax-free to employees and tax deductible by the employer.
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There is More to Deducting Health Insurance than Meets the Eye

There is More to Deducting Health Insurance than Meets the Eye

Health insurance premiums, especially in the wake of the ACA, have risen dramatically. They constitute one of the greatest expenses most individuals pay.
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COLAs Are Out for 2021’s Popular Fringe Benefits

COLAs Are Out for 2021’s Popular Fringe Benefits

The IRS released 2021 cost-of-living adjustments (COLAs) for a variety of tax-related limits. These include those related to many popular fringe benefits.
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Preparing for 2021: Tax Planning Strategies for Small Business Owners

Preparing for 2021: Tax Planning Strategies for Small Business Owners

If you are a small business owner, every penny counts. So, you not only want to optimize your revenue but also minimize your expenses and your tax liability
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The Solar Credit is Sunsetting Soon--Should You Take Advantage Now?

The Solar Credit is Sunsetting Soon--Should You Take Advantage Now?

The solar credit is fading away. After being 30% of the cost for many years through 2019, the credit drops to 26% in 2020. In 2021, it drops again to 22%.
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Business website costs: How to handle them for tax purposes

Business website costs: How to handle them for tax purposes

The business use of websites is widespread. However, the IRS hasn’t yet issued formal guidance on when Internet business website costs can be deducted.
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How to Report COVID-19-related Troubled Debt Restructurings (TDRs)

How to Report COVID-19-related Troubled Debt Restructurings (TDRs)

Banks are working with borrowers on loan modifications. Recent guidance confirms that short-term changes due to COVID-19 won’t be subject to rules for TDRs.
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Health Savings Accounts (HSAs) For Your Small Business

Health Savings Accounts (HSAs) For Your Small Business

Small business owners know the increasing cost of employee health care benefits. Employer-sponsored HSAs may provide some of these benefits and save money.
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Do You Know Unemployment Benefits Are Taxable?

Do You Know Unemployment Benefits Are Taxable?

Some workers are receiving unemployment benefits for the first time. They may not know that the benefits are taxable for federal purposes & in some states.
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