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  • January 12, 2021

    The COVID-19 Relief Law: What’s In It For You?

    The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct…

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  • January 11, 2021

    New Law Doubles Business Meal Deductions And Makes Favorable PPP Loan Changes

    The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new law…

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  • January 8, 2021

    Your Taxpayer Filing Status: You May Be Eligible To Use More Than One

    When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried…

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  • December 29, 2020

    Maximize Your 401(k) Plan to Save for Retirement

    Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing your contribution rate. Because of tax-deferred…

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  • December 21, 2020

    Drive More Savings To Your Business With The Heavy SUV Tax Break

    Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the…

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  • November 12, 2020

    Tax Responsibilities If Your Business Is Closing Amid The Pandemic

    Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for…

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  • November 12, 2020

    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…

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  • November 4, 2020

    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,…

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  • October 29, 2020

    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: A current deduction from income to the employer for contributions to the plan, A tax-free buildup of the value of…

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  • October 28, 2020

    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 knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund…

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