Donations in 2020? Do you have substantiation?
Did you make donations in 2020? There’s still time to get substantiation. If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your…
Details
Restructuring your Company Debt
Restructuring Debt. Should my distressed company consider it? Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan…
Details
Footnote disclosures: The story behind the numbers
Footnote disclosures basics The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making…
Details
2021 Individual Taxes: Answers to Your Questions
2021 individual taxes: Answers to your questions about limits Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s…
Details
Tax Credit for Buying an Electric Vehicle
Tax Credit and No Gasoline Although electric vehicles (or EVs) are a small percentage of the cars on the road today. They’re increasing in popularity all the time. And if…
Details
1099-NEC is New and Revised 1099-MISC
New and revised 1099 Forms are due to recipients soon There’s a new IRS Form 1099-NEC for business taxpayers that pay or receive certain types of non-employee compensation and it…
Details
One Reason to File Your 2020 Tax Return Early
Lots of Reasons to File Early – Here are Some of Them The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This…
Details
Corporation choice: Should you convert from a C to an S?
Should you convert from a C to an S corporation? The best choice of entity can affect your business in several ways, including the amount of your tax bill. In…
Details
401(k) Plan: Maximize it to Save for Retirement
Your 401(k) and Your Retirement Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan,…
Details
Small businesses: Cash in on depreciation tax savers
Depreciation for Your Business As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable…
Details