Tag: business

  • 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…

  • Get Your Piece of the Depreciation Pie with a Cost Segregation Study

    Get Your Piece of the Depreciation Pie with a Cost Segregation Study

    If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost…

  • Five Ways to Take Action on Accounts Receivable

    Five Ways to Take Action on Accounts Receivable

    No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five…

  • 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…

  • New COVID-19 Relief Law Extends Employee Retention Credit

    New COVID-19 Relief Law Extends Employee Retention Credit

    Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. The original credit As originally introduced under last year’s CARES Act, the ERC…

  • PPP Adjusted to Prioritize Very Small Businesses

    PPP Adjusted to Prioritize Very Small Businesses

    When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15…

  • 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…

  • Now More than Ever, Carefully Track Payroll Records

    Now More than Ever, Carefully Track Payroll Records

    The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed, and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck…

  • 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…