benefits | Business Management Company

The COVID-19 relief law: What’s in it for you?

January 12, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized / 0 comments

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 […]

Educate yourself about the revised tax benefits for higher education

January 12, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized / 0 comments

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to […]

Can you qualify for a medical expense tax deduction?

December 17, 2020 / by Sherie Johnson / Small Business, Tax

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For […]

Taking distributions from a traditional IRA

November 19, 2020 / by Sherie Johnson / Uncategorized

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in […]

Subchapter V: A silver lining for small businesses mulling bankruptcy

May 14, 2020 / by Sherie Johnson / Newsletter, Small Business

Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law […]

COVID-19: IRS announces more relief and details

April 20, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]

Do you run your business from home? You might be eligible for home office deductions

February 27, 2020 / by Sherie Johnson / Uncategorized

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]

Give your 401(k) plan a checkup at least once a year

February 27, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax

In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes […]

Reasons why married couples might want to file separate tax returns

February 19, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax

Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable […]

Tax-free fringe benefits help small businesses and their employees

October 11, 2018 / by Brett Hess / Small Business, Tax

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance […]