Category: Business Owners

  • Businesses Can Show Appreciation — and Gain Tax Breaks — with Holiday Gifts and Parties

    Businesses Can Show Appreciation — and Gain Tax Breaks — with Holiday Gifts and Parties

    With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush…

  • The Long and Short of Succession Planning

    The Long and Short of Succession Planning

    For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so has taught us anything, it’s that anything can happen. Owners who’ve built…

  • Need a New Business Vehicle? Consider a Heavy SUV

    Need a New Business Vehicle? Consider a Heavy SUV

    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 law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired…

  • EIDL, Restaurant Grants Offer Relief to Struggling Small Businesses

    EIDL, Restaurant Grants Offer Relief to Struggling Small Businesses

    The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore funding via the Small Business…

  • Small Businesses: Cash in on Depreciation Tax Savers

    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…

  • Weighing Risks vs. Rewards of a Mezzanine Loan

    Weighing Risks vs. Rewards of a Mezzanine Loan

    To say that most small to mid-size businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue, but it may have also opened opportunities for others to expand or pivot into more profitable areas. If your company…

  • Inventory Management Is Especially Important This Year

    Inventory Management Is Especially Important This Year

    As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However,…

  • ESOPs Offer Businesses a Variety of Potential Benefits

    ESOPs Offer Businesses a Variety of Potential Benefits

    Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some tax breaks, an…

  • Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes

    Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes

    The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit, and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and…

  • Strengthen Your Supply Chain with Constant Risk Awareness

    Strengthen Your Supply Chain with Constant Risk Awareness

    When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in danger. The pandemic…