A large percentage of Americans don’t understand how taxes work, and that’s solely when it comes to personal taxes. Staying up to date with your taxes is part of being a small business owner. Taxes can be incredibly difficult to figure out, especially if you’re just starting out. So, keep reading to find out more about the six tax tips that […]
Category: Tax
Startup Tax Credit: Do I Qualify?
Did you know that most startups are missing out on billions’ worth of tax savings? Research has shown that VC-backed startup firms are foregoing tax savings of up to $43.9 billion, simply because they’re not choosing tax-advantageous business entities. Another way startups miss out on savings is by not leveraging startup-specific tax credits. A startup tax credit can give you the […]
How to Qualify for the Employee Retention Credit for Past Quarters
The COVID-19 pandemic affected the payroll of more than 45% of small businesses in the US. If your business suffered due to pandemic-related factors, you may be eligible for the Employee Retention Credit (ERC). Learn more about the Employee Retention Credit and how you can claim benefits even for past quarters. What Is the Employee Retention Credit? Congress created the […]
Small Business Tax Deductions Can Be Life-Savers
The outbreak of the coronavirus pandemic and its repercussions took a serious toll on small businesses across the United States. Not only did some businesses have to shut their doors for a period of time, but the ongoing labor crisis is making it difficult to do business even as lockdowns have reduced. As of February 2021, 53% of small business […]
Consider a heavy SUV for your business
The nice weather and the general downturn in COVID-19 cases has spurred some business owners to think about buying a car this spring. Here’s an option that may save on taxes.
Update on the employee retention credit
Keeping employees on the payroll has been difficult for many businesses over the past year. The latest COVID-relief law, the American Rescue Plan Act, extends the employee retention tax credit.
Is an S corporation election a good idea?
What is the best choice of entity for a new business venture? It might be an S corporation. Here’s why
Your guide to home office deductions
Business owners may be able to save tax with home office deductions. If you’re working from home (like lots of people these days), you may qualify. Here’s a rundown of the rules.
Tax implications of buying or selling a business
Buying or selling a business may be the largest transaction you’ll ever make. Pay attention to taxes. After a deal is done, it may be too late to get the best tax results.
PPP loans: Let’s review the tax consequences
The Small Business Administration announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. The CARES Act, which passed in March of 2020, didn’t address whether expenses paid with the proceeds of PPP loans could be deducted on tax returns. The IRS took the position that these expenses weren’t deductible. However, the new Consolidated Appropriations Act allows expenses paid from the proceeds of PPP loans to be deducted. Contact us with questions or if you need help with the PPP loan application or forgiveness process.