Tax Break | Business Management Company

Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

November 24, 2021 / by Sherie Johnson / Newsletter, Small Business, Tax

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 tax score of winning

October 6, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win […]

Think like a lender before applying for a business loan

September 10, 2021 / by Sherie Johnson / Newsletter, Small Business

Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If so, more traditional […]

IRS additional guidance addresses COBRA assistance under ARPA

August 24, 2021 / by Sherie Johnson / Deadlines, Small Business, Tax

In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September […]

ABLE accounts may help disabled or blind family members

August 20, 2021 / by Sherie Johnson / Small Business, Tax

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related […]

Don’t assume your profitable company has strong cash flow

June 16, 2021 / by Sherie Johnson / Uncategorized

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. […]

Retiring soon? 4 tax issues you may face

June 14, 2021 / by Sherie Johnson / Newsletter, Small Business

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You […]

Still have questions after you file your tax return?

May 20, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]

Should your business add Roth contributions to its 401(k)?

April 8, 2021 / by Sherie Johnson / Newsletter, Small Business, Tax

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to […]

Need a new business vehicle? Consider a heavy SUV

April 7, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized

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 […]

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