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 formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs,…
Part 2 – Keeping Score: Cash vs. Profit – Loan Payment One of the most commonly misunderstood concepts in business is, “Why is my profit position different than my cash position?” Profit and cash flow are both essential elements of a business, but they are not the same thing. To manage your business, you…
Part 1 – Keeping Score: Cash vs. Profit – Equipment Purchases One of the most commonly misunderstood concepts in business is, “Why is my profit position different than my cash position?” Profit and cash flow are both essential elements of a business, but they are not the same thing. To manage your business, you…
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 2020. 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…
How to Use KPIs to Increase Profits & Cash Flow When it comes to understanding your numbers, you may be asking yourself: what are Key Performance Indicators (KPIs), and how do I use them to increase cash flow? Let us provide some insight as we highlight a couple of essential tips for understanding KPIs. …
Understanding Your Financial Statement 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? How is my business doing? Sometimes it can feel like they are asking how to run their business. The challenge so many business owners face when…
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 property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. Bonus depreciation is scheduled to phase out Under current law, 100% bonus…
Payroll Tax Deferral Executive Order President Trump recently issued an executive order which allows employees to suspend their portion of social security payroll tax (6.2%) beginning September 1, 2020, and ending December 31, 2020. This would be eligible for employees making less than $4,000 for any bi-weekly pay (or $104,000 per year). This executive order…
IRS announced on Aug. 21 that it has temporarily suspended the mailing of three notices-the CP-501, the CP-503 and the CP-504-that go to taxpayers who have a balance due on their taxes. (e-News for Tax Professionals 2020-34) “Although the IRS continues to make significant reductions in the backlog of unopened mail that developed while most…
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business or may do so in the future, here is more information about…
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