Restaurant Meals 100% deductible in 2021 and 2022
The stimulus legislation passed at the end of last year included a provision that removes the 50% limit on deducting business meals provided by restaurants…
The stimulus legislation passed at the end of last year included a provision that removes the 50% limit on deducting business meals provided by restaurants…
Success in anything requires skills, tools, and resourcefulness to learn and utilize those skills and tools. Leading yourself and your team once you have the…
Having effective sales conversations depends on the overall sales process and your ability to be consistently effective. Whether it’s starting the conversation, generating interest to…
Each of those keywords above has an important place in effective tax planning. There is a language to taxes, and unfortunately, only accountants have been…
The right entity choice: Should you convert from a C corporation to an S corporation? The best choice of entity can affect your business in…
2021 Q1 tax calendar: Key deadlines Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of…
Drive more savings to your business with the: Heavy SUV Tax Break Are you considering replacing a car that you’re using in your business?…
QBI deduction basics and a year-end tax tip that might help you qualify If you own a business, you may wonder if you’re eligible…
Cash in on depreciation tax savers As we approach the end of the year, it’s a good time to think about whether your business…
The importance of S corporation basis and distribution elections S corporations can provide tax advantages over C corporations in the right circumstances. This is…
Tax Planning Section 179 Expense Section 179 allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during…
Setting Sales Goals with KPIs A break-even analysis is a necessary part of any solid business plan. This empowers us to know where our sales…
Health Savings Accounts forYour Small Business Small business owners are well aware of the increasing cost of employee health care benefits. As a result,…
KPIs to Increase Profits & Cash Flow Part 1 Below is an illustration of the ABC Company whose Cost of Goods Sold rose from…
Do you want to withdraw cash from your closely held corporation at a low tax cost? Owners of closely held corporations are often interested…
5 Factors that Determine Your Tax Position Many different factors determine your tax position or how much tax you owe. Below are the five…
Tax responsibilities if your business is closing amid the pandemic Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your…
Conversation Connectors: What is real communication? Why is it so important? In our previous article, Leadership Conversations, we discussed a simple framework for navigating…
New business? It’s a good time to start a retirement plan If you recently launched a business, you may want to set up a tax-favored retirement…
Conversation Connectors: What is concrete communication? And How does it lead to more clarity? In our previous article, Leadership Conversations, we discussed a simple…
The 2021 “Social Security wage base” is increasing If your small business is planning for payroll next year, be aware that the “Social Security wage…
Keeping Score: Cash vs. Profit One of the most commonly misunderstood concepts in business is, “Why is my profit position different than my cash position?”…
Understanding the passive activity loss rules Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or business…
Part 4 – Keeping Score: Profit Distributions One of the most commonly misunderstood concepts in business is, “Why is my profit position different than my…
Part 3 – Keeping Score: Cash vs. Profit – Accrual Accounting One of the most commonly misunderstood concepts in business is, “Why is my…
Business Website Costs: How to Handle Them for Tax Purposes The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued…
Part 2 – Keeping Score: Cash vs. Profit – Loan Payment One of the most commonly misunderstood concepts in business is, “Why is my…
Part 1 – Keeping Score: Cash vs. Profit – Equipment Purchases One of the most commonly misunderstood concepts in business is, “Why is my…
2020 Q4 tax calendar: Key deadlines Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of…
How to Use KPIs to Increase Profits & Cash Flow When it comes to understanding your numbers, one of the questions that inevitably comes…
Finally Understanding Your Numbers Business owners always ask us what they need to know when they look at their financial statements. What does this…
5 Key Points About Bonus Depreciation You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying…
In our previous session, we talked about implementing a budget and putting together a strategic plan. From there, it is all about executing that plan…
Whether we are trying to resolve something for a customer, generate interest in a prospective client, learn more about a candidate for a job, or…
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.…
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be…
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee…
Strategic Planning: A Strategic Road Map to Making Smarter Business Decisions Having a strategic plan and set of goals in place is more critical now…
Budgeting: A Financial Road Map to making Smarter Business Decisions Understanding and pro-actively managing your business finances is more important now than ever. Two of…
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses…
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses.…
“We’re All In” Small Business Grants (Wisconsin) Application period will open in early June – register for alerts for program here $2,500 per small business Small…
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…
Delay of payment of employer payroll taxes: Taxpayers (including self-employed) will be able to defer paying the employer portion of certain payroll taxes through the…
The “CARES Act” establishes a tax credit for employers with fewer than 100 employees. The credit is 50% of qualified wages paid to employees, capped…
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the…
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax…
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan…
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a…
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list…
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to…
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as…
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and…
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes…
The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages…
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a…
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings…
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year.…
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper…
Did you know there are a little under 90 days left for the rest of the year? That means there are only 3 months left…
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor.…
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a…
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list…
If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and…
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for…
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal…
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters…
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and…
Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on…
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight…
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to…
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties…
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be…
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax…
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list…
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC).…
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty…
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have…
Hire your children this summer: Everyone Wins If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax…
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the…
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically…
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But…
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you…
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can…
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more.…
Merger and acquisition (M&A) activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s important to…
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2019. Keep in mind that…
The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees.…
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill.…
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s…
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or…
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to…
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed…
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities…
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the…
A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that…
There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to…
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the…
Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks…
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take…
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six…
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list…
The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties.…
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes.…
Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may…
Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity…
Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t,…
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list…
Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and…
If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide…
The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not…
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler…
Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home…
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by…
For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C…
Do you know how to understand your numbers in a meaningful way? Do you understand the terminology? Do you know your break-even point and is…
Business owners always ask us what they need to know when they look at their financial statements. What does this piece of paper tell me?…
Small business owner and CPA, Edward Hastreiter, sense 1979 has spent more than 34 years consulting with small business owners on how to make their…
Running a small business can be challenging, and for this very reason you as a small business owner must have a team of advisors to…
Starting a Small Business Starting a business can be a very exciting time. It also presents some challenges. Having the proper tools and skills in…
Accounting and Financial Advice to Help Grow your Small Business Many skilled people go into business because they are a great plumber, gifted lawyer, or…
Tips on How to Develop a Budget for Your Small Business Small businesses have a high mortality rate. One way of reducing the chance for…
Estimated Tax Payments; Do I Need to Make Them, When and How? The Perfect Storm Business owners that are not aware of the estimated tax…
Every business has expenses. And with the growing popularity of small business credit cards and low interest rates, many business owners are using them to…
Help Me Save on Taxes www.ewhsba.com We sat down with a team of professional CPA’s with well over 180 years of combined experience asking them…
This visually friendly view of the Schedule A will help you understand the changes the new tax law made to the itemized deductions. For questions…
Are you stressing out at tax time trying to find all the necessary documents to file your tax returns? Do you wonder what records are…
Very few new small businesses put together a business plan before they open, but they should. Most small business fail in the first few years…
All business owners face an interesting challenge: how to take profits out of the company and pay the least amount of taxes in the process.…
Businesses start and fail at a staggering rate. Every year over a million people start a business of some sort and by the end of…
Did your business receive a Tax Audit Notification letter in the mail? What should you do and how should you resolve this? Panic is usually…
When it comes to managing a business your accounting is critical. Most mistakes that are made when it comes to the accounting aspect of any…
IRS Tax Scam Alert; Protect Your Assets A new breed of criminals is on the prey targeting taxpayer assets. With the many enhancements of technology…
The IRS Plans to Examine Proper Reporting of Tips and Service Charges The Internal Revenue Service (IRS) has announced it will start enforcing and focusing…