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Small Businesses: Cash In On Depreciation Tax Savers
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 property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time.
The Importance Of S Corporation Basis And Distribution Elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct your percentage share of these losses on your personal tax return to the extent of your basis in the stock and any loans you personally make to the entity.
Charitable Contributions Under the CARES Act
When the Tax Cuts and Jobs Act doubled the standard deduction available to taxpayers, it also made it harder for people to deduct their charitable contributions. The Coronavirus Aid, Relief and Economic Security (CARES) Act added a new deduction for charitable contributions, which is available to any individual who does not itemize.
How COVID-19 Could Impact Year-End Inventory Counts
Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify and overcome the challenges associated with inventory counts during the pandemic.
The QBI Deduction Basics and a Year-End Tax Tip That Might Help You Qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction.
IRS Releases Final Instructions For Payroll Tax Form Related To COVID-19 Relief
In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, “Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund,” to allow for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941.
Be Alert for Unemployment Insurance Fraud
Due to the pandemic and current economic climate, unemployment insurance fraud is a growing area of concern. Many states have adopted an online unemployment filing process, which makes it easier for individuals to file legitimate claims but also opens the door for fraudulent claims. A recent data breach with the Illinois Department of Employment Security (IDES) may have exacerbated the problem for Illinois taxpayers; however, this type of fraud is not limited to individuals in the state of Illinois.
Project Profile: How One CPA Helps a Franchisee Automate Data Import into the Franchisor’s Accounting System
A startup franchise needed a solution to integrate POS data into their accounting software. They wanted to automate as much as possible while keeping budget in mind. The POS system needed to send summary data to the backend accounting software, and the franchisees used this data for reporting. The franchisor used the data to create transactions.
2021 Dollar Limits and Thresholds for 401(k)s and Similar Plans
The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts for 401(k)s and similar plans.
Health Savings Accounts for Your Small Business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the IRS recently announced the relevant inflation-adjusted amounts for 2021.
How Much Insurance Does Your Nonprofit Need To Mitigate Risk?
A warning if your not-for-profit organization is looking for expenses to cut: Don’t skimp on insurance. Should your nonprofit experience a fire, major theft or other calamity, you’ll be glad you have the coverage. Of course, you may also be required by your state, certain funders, lenders and your own bylaws to carry adequate insurance. Donors certainly expect you to protect their investment in your nonprofit by managing risk with insurance. But to ensure you’re not wasting money, consider what you need — and what you might not.
4 Ways To Address Elderly Parents In Your Estate Plan
Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws. They may also need your financial assistance and help with their estate planning.

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