News

The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider: 1. Establish Your 2020 Retirement Plan First, a question: As you read this, do...

During this COVID-19 pandemic, landlords have two big possible problems: Tenants who can’t pay the rent. Tax losses they can’t deduct. We’ll start with the tenants and then move on to the rental property tax-loss issues. For the first time in U.S. history, residential landlords are subject to a...

Do you have a mileage log that will survive an IRS audit? If so, good for you! If not, get ready to give up all (not some, but all) of your vehicle tax deductions for not just one year but three years, as you will see in this true...

Do you operate your business as an S or a C corporation? Do you drive a vehicle titled in your personal name for corporate business?  Beware. The Tax Cuts and Jobs Act (TCJA) changed the rules for tax years 2018-2025. Before the TCJA, you had to pay attention to...

With the COVID-19 pandemic still going on, you may be spending more time working from your home office.  You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling...

You likely formed an S corporation to save on self-employment taxes.  If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not...

Last December, the imaginatively named Setting Every Community Up for Retirement Enhancement (SECURE) Act became law.  The SECURE Act was intended mainly to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans. Fine. Good. But the act also included a big...

If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of the tax. But under...

Best Choice: De Minimis or 179 Expensing – or Bonus Depreciation? You may not have considered the choices you have for deducting the assets that you buy for your business.  To create some perspective, let’s say you have seven employees who now work at least two days a week...

Trade-In on a New SUV – Reimbursement by Corporation When it comes to vehicles, there’s much to think about. For example, the rules on vehicle trade-ins have totally changed.  To illustrate, let me tell you about a trade-in Joyce completed last month. She traded in her three-year-old vehicle on...

The Payroll Protection Program (PPP) rules—they keep a-changin’.  During the past month, the Small Business Administration (SBA) issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the Payroll Protection Program (PPP): More forgiveness. The...

If you’re considering moving to a different state, taxes in the new state may be the deciding factor—especially if you expect them to be lower.  Consider All Applicable State and Local Taxes If your objective is to move to a lower-tax state, it may seem like a no-brainer to...