A profile of partnerships and LLCs from a tax perspective A partnership is not a taxpaying entity, but files an annual tax return, Form 1065, to … Read more about What Does Partnership and LLC Status Mean from a Tax Statistics Perspective?
The Go-To-Tax Guide for Small Business Owners and Their Advisors
For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to-tax-guide for owners and their tax advisors. The J.K. … Read more about The Go-To-Tax Guide for Small Business Owners and Their Advisors
Answers to Year-End Tax Planning Questions
On November 3, 2020, I did a SCORE LIVE webinar on Year-End Tax Planning for Your Business (you can listen to a recording). Due to high attendance, … Read more about Answers to Year-End Tax Planning Questions
Preparing for Economic Changes: Added Costs of Doing Business
Economic change can result from any number of factors. The one most prominent now is the pandemic, which caused dramatic shifts in the business … Read more about Preparing for Economic Changes: Added Costs of Doing Business
5 Ways Not to Waste Your Time and Efforts
Time is a precious commodity. If you are now working remotely and saving minutes or hours each day that you don’t have to commute, it’s still … Read more about 5 Ways Not to Waste Your Time and Efforts
Tax Changes from COLAs for 2021
Due to cost-of-living adjustments (COLAs), various limitations and amounts used for tax deductions, credits, and other purposes, the tax rules for … Read more about Tax Changes from COLAs for 2021
Payroll Tax Issues for Remote Workers
Telework was a growing practice before the pandemic. With stay-at-home orders, the number of employees working remotely skyrocketed. Even as these … Read more about Payroll Tax Issues for Remote Workers
What to Know About Re-Hiring Now
As the economy begins to pick up steam, your current number of employees may be insufficient for the work needed to be done. Is now the time to be … Read more about What to Know About Re-Hiring Now
Back to School Tax Breaks
Fall is back-to-school time for both children and adults. While schools are figuring out how to open and operate during COVID-19, businesses and … Read more about Back to School Tax Breaks
Why You’re Going to Need More Cash in 2021 for Taxes
This year has been a very difficult one for small business owners. Some tax rules have made it a little easier to defer some taxes to next year. But … Read more about Why You’re Going to Need More Cash in 2021 for Taxes
Borrowing for Your Business: Financial and Tax Implications
As many small businesses struggle to survive the pandemic, loans have become a lifeline. If you need money and are able to borrow it, be sure to … Read more about Borrowing for Your Business: Financial and Tax Implications
The Right Way to Run an Accountable Plan
An accountable plan is an arrangement between employers and employees where the company reimburses employees for specified business expenses. If done … Read more about The Right Way to Run an Accountable Plan
Aborted Business Activities: Tax Results of Failure
You may give it “the old college try” but fail. Not all ideas work out well. Not every effort succeeds. During this pandemic, unfortunately there are … Read more about Aborted Business Activities: Tax Results of Failure
Taxes in 2020: The Year That Never Was
This year will forever be remembered for the pandemic and what it’s done to the lives and livelihoods of so many people. From a tax perspective, … Read more about Taxes in 2020: The Year That Never Was
Working from Home Due to COVID-19: Tax Implications
If you are self-employed and conduct business from home, you may be eligible to take a home office deduction. There are strict tax rules governing … Read more about Working from Home Due to COVID-19: Tax Implications
