Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current…
Restaurants, food stands, caterers, wineries, distillery owners and others are crossing their fingers that they can get a chance at the Restaurant Revitalization grants, a new $28.6 billion program for eligible entities to receive a grant equal to the amount…
The Treasury Department and Internal Revenue Service announced yesterday that the April 15 deadline to file 2020 federal income taxes for individuals has been automatically extended to May 17, 2021. As this extension is automatic, taxpayers will not need to…
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021 if you’re required to make one. You may have to make estimated tax payments…
More and more businesses rely on marketplace facilitators to put their products in front of customers. But what exactly is a marketplace facilitator? And if they are selling your goods, who's paying the sales tax? Brandon Mills, CPA answers these…
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE…
On Monday, the Biden-Harris Administration announced changes to the Paycheck Protection Program (PPP) intended to assist the smallest businesses in the U.S. who have been previously unable to secure PPP loans. Starting Wednesday, February 24, only businesses with fewer than…
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.…
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift…
After a natural disaster, many business owners analyze their operations to find ways to safeguard their business. An aspect that may be overlooked, yet is vital for employees, is maintaining the regularly scheduled payroll. Utilizing electronic payment methods to process…