News

The new COVID-19 law provides businesses with more relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid [...]

The new COVID-19 law provides businesses with more relief2020-03-30T19:08:07+00:00

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 separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or [...]

Coronavirus (COVID-19): Tax relief for small businesses2020-03-23T15:07:44+00:00

COVID-19 Update

Update March 30, 2020 We know everyone is still sorting through the details of what assistance options are available to small businesses as part of the COVID-19 related stimulus packages recently signed into law.  We wanted to provide an update on what we currently know and what our recommendations are for small businesses. The SBA [...]

COVID-19 Update2020-03-30T19:11:21+00:00

Why you should keep life insurance out of your estate

If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance will be included in your [...]

Why you should keep life insurance out of your estate2020-03-17T13:42:27+00:00

The 2019 gift tax return deadline is coming up

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file [...]

The 2019 gift tax return deadline is coming up2020-03-10T16:42:49+00:00

Determine a reasonable salary for a corporate business owner

If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are [...]

Determine a reasonable salary for a corporate business owner2020-03-09T16:47:43+00:00

Home is where the tax breaks might be

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize deductions in order to take advantage [...]

Home is where the tax breaks might be2020-03-03T16:11:15+00:00

Tax credits may help with the high cost of raising children

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes Changes made [...]

Tax credits may help with the high cost of raising children2020-02-25T15:30:41+00:00

Do you run your business from home? You might be eligible for home office deductions

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture [...]

Do you run your business from home? You might be eligible for home office deductions2020-02-24T17:16:35+00:00

How business owners may be able to reduce tax by using an S corporation

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics The self-employment tax is imposed on 92.35% of [...]

How business owners may be able to reduce tax by using an S corporation2020-02-19T14:02:06+00:00