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
Business Archives - Page 6 of 14 - Crawford Ellenbogen
Apr 6, 2021
Mar 16, 2021
Business highlights in the new American Rescue Plan Act
- By Victor Dozzi
- Business, Taxes
- 0 Comments
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the tax highlights of the ARPA. The Employee Retention Credit (ERC). This
Mar 2, 2021
If you run a business from home, you could qualify for home office deductions
- By Victor Dozzi
- Business, Taxes
- 0 Comments
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the
Feb 24, 2021
What are the tax implications of buying or selling a business?
- By Victor Dozzi
- Business
- 0 Comments
Merger and acquisition activity in many sectors slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you’re considering buying or selling another business, it’s important to understand the tax implications. For tax purposes, a transaction can basically be structured in two
Feb 4, 2021
The cents-per-mile rate for business miles decreases again for 2021
- By Joan Ellenbogen
- Business
- 0 Comments
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019. This is the second year in
Jan 25, 2021
The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by Feb. 1, 2021. After sending the forms to recipients, taxpayers must file the forms with the IRS by March 1 (March 31 if filing electronically). The requirement begins with forms for tax
Jan 21, 2021
Can your business benefit from the enhanced Employee Retention Tax Credit?
- By Victor Dozzi
- Business, Taxes
- 0 Comments
COVID-19 has caused widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which was extended and enhanced in the latest law. Under the CARES Act, the credit only covered wages paid between March 13, 2020, and Dec. 31, 2020. The new law extends the covered
Jan 7, 2021
New law doubles business meal deductions and makes favorable PPP loan changes
- By Joan Ellenbogen
- Business
- 0 Comments
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
Dec 30, 2020
2021 Q1 tax calendar: Key deadlines for businesses and other employers
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. 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 22, 2020
Drive more savings to your business with the heavy SUV tax break
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
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