Ideas & Insight

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new law […]

Some might say the end of one calendar year and the beginning of another is a formality. The linear nature of time doesn’t change, merely the numbers we use to mark it. Others, however, would say that a fresh 12 months — particularly after the arduous, anxiety-inducing nature of 2020 — creates the perfect opportunity […]

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should […]

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five taxpayer filing statuses. In part, they depend on whether you’re married or unmarried […]

On December 27, 2020 President Trump approved the $900 billion Covid-19 Relief Bill. The bill could significantly reduce your 2020 taxes and provide additional relief in 2021. The key provisions of the legislation as we understand them are below. These could change over the next several weeks as guidance is published by the SBA and […]

In the early 1990s, the Balanced Scorecard approach to strategic planning was developed to enable business owners to better organize and visualize their objectives. With 2021 shaping up to be a year of both daunting challenges and potentially remarkable recovery, your company should have a strategic plan that’s both comprehensive and flexible. Giving this methodology […]

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.  Contact us  to ensure you’re meeting all applicable key tax-related deadlines and to learn more about the filing […]

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you […]

We are happy to release our 2020 – 2021 Tax Planning Guide. This guide includes information and guidance for both businesses and individuals. If you have questions or if you would like additional information, please contact us.

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. You maybe able to drive into more savings for your business with the heavy SUV tax break. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply […]