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 [...]
New Business? It’s A Good Time To Start A Retirement Plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: [...]
Buying And Selling Mutual Fund Shares: Avoid These Tax Pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without [...]
The 2021 “Social Security Wage Base” Is Increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax [...]
Reviewing Your Disaster Plan In A Tumultuous Year
It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan. So, how [...]
What Tax Records Can You Throw Away?
October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic and the October [...]
Understanding The Passive Activity Loss Rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting [...]
The Easiest Way To Survive An IRS Audit Is To Get Ready In Advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. [...]
IRS Highlights Employer Credits For Businesses During Small Business Week
During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this [...]
California Tax Updates for 10/2
Post 1: California expands its professional exemption. Effective Sept. 9, 2020, this exemption is expanded to include employees who provide instruction for a course or laboratory at colleges and universities in CA. To qualify, an [...]