Tax Break | Business Management Company

One reason to file your 2020 tax return early

January 20, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized / 0 comments

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), […]

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 […]

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 […]

The easiest way to survive an IRS audit is to get ready in advance

October 7, 2020 / by Sherie Johnson / Deadlines, Small Business, Tax

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. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]

Hiring independent contractors? Make sure they’re properly classified

April 30, 2020 / by Sherie Johnson / Uncategorized

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an […]

Can you deduct charitable gifts on your tax return?

January 21, 2020 / by Brett Hess / Small Business, Tax

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]