Social Security

The 2021 “Social Security wage base” is increasing

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 base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021,…

passive activity loss

Understanding the passive activity loss rules

Understanding the passive activity loss rules   Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or business ventures you might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their…

Q4 tax calendar

2020 Q4 tax calendar: Key deadlines

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…

Bonus Depreciation

5 Key Points About Bonus Depreciation

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…