Year End Medical Plan Strategies All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are...
Don’t Miss Out on the Employee Retention Credit Your government wants your small business to survive (and likely thrive, too). Since COVID-19 struck, the government has created free and/or easy money in the form of tax credits and loans that are...
Deduct 100 Percent of Your Business Meals under New Rules Now, thanks to a new law enacted December 27, 2020, new IRS regulations, and a new IRS notice (yep, all three are new), you have fresh opportunities for writing off 100 percent of your business meals. For 2021...
2020 Last-Minute Year-End Tax Strategies for Tax Code Offset When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2020 income taxes. The tax code contains the basic rules...
Starting a New Business? Get Up to $100,000 in Tax-Free Money You likely already know that the employee retention credit (ERC) is a good deal—if you qualify. Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to...
Remember to consider your Section 199A deduction in your year-end tax planning. Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review three year-end...
