While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due
Victor Dozzi
Feb 3, 2022
Entrepreneurs and taxes: How expenses are claimed on tax returns
- By Victor Dozzi
- Business
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Feb 1, 2022
Numerous tax limits affecting businesses have increased for 2022
- By Victor Dozzi
- Business, Deductions, Retirement, Taxes
- 0 Comments
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at
Jan 4, 2022
Gig workers should understand their tax obligations
- By Victor Dozzi
- Taxes
- 0 Comments
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands
Dec 29, 2021
2022 Q1 tax calendar: Key deadlines for businesses and other employers
- By Victor Dozzi
- Business, Taxes
- 0 Comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January
Dec 23, 2021
How are court awards and out-of-court settlements taxed?
- By Victor Dozzi
- Taxes
- 0 Comments
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed.
Dec 21, 2021
Providing a company car? Here’s how taxes are handled
- By Victor Dozzi
- Business
- 0 Comments
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) For tax deduction purposes, a
Dec 15, 2021
Small businesses: There still may be time to cut your 2021 taxes
- By Victor Dozzi
- Business
- 0 Comments
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you
Dec 9, 2021
Remember to use up your flexible spending account money
- By Victor Dozzi
- Medical, Taxes
- 0 Comments
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? It’s a good time to review 2021 expenses and project amounts to be set aside for 2022. A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. This is increasing to
Dec 7, 2021
Many factors are involved when choosing a business entity
- By Victor Dozzi
- Business
- 0 Comments
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation. There are many factors to consider and proposed
Nov 30, 2021
Would you like to establish a Health Savings Account for your small business?
- By Victor Dozzi
- Business, Deductions
- 0 Comments
With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important