Starting a Small Business

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that type of entity. The Pass-through Deduction To the extent your business generates qualified business…

American Rescue Plan Act of 2021

The House and Senate passed the American Rescue Plan Act (ARP) and the President signed it into law on March 11, 2020. This bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns.   2020 Tax-free Unemployment Benefits The bill provides a $300 weekly federal unemployment benefit through Sept. 6, 2021,…

depreciation tax savers

Cash in on depreciation tax savers

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 needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall…

Health Savings

Health Savings Accounts for Your Small Business

Health Savings Accounts forYour Small Business   Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to…