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 are launching online to provide products and services to people staying at home. Entrepreneurs often don’t know that many of the startup business expenses bring incurred is ineligible for deduction. … Continue reading “Launching A Business? How to Handle Startup Business Expenses On Your Tax Return”
Month: June 2020
Re-Evaluate Your Company’s Competitiveness in a Changed Economy
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways. Many companies affected by COVID-19 have been forced to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to … Continue reading “Re-Evaluate Your Company’s Competitiveness in a Changed Economy”
Good Business Recordkeeping Are The Key to Tax Deductions & Trouble-Free IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need good business recordkeeping of your income and expenses. In particular, you should carefully record your expenses. Doing so you will be able to claim the full amount of the tax deductions to which you’re entitled. In addition, you … Continue reading “Good Business Recordkeeping Are The Key to Tax Deductions & Trouble-Free IRS Audits”
PPP Flexibility Act Eases Rules for Borrowers Coping with COVID-19
On June 5, the president signed into law the PPP Flexibility Act. The new law makes a variety of important adjustments that ease the rules for borrowers. As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April. This legislation was to help the economic impact to small … Continue reading “PPP Flexibility Act Eases Rules for Borrowers Coping with COVID-19”
Rioting Damage at Your Business? You May Be Able To Claim Casualty Loss Deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage … Continue reading “Rioting Damage at Your Business? You May Be Able To Claim Casualty Loss Deductions”
Does Your Company Have An Emergency Succession Plan?
For business owners, company succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. But it doesn’t always work out this way. … Continue reading “Does Your Company Have An Emergency Succession Plan?”
COVID-19 Tax Deduction for Business Meals: Proposed Changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One COVID-19 tax deduction that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business meal and entertainment deductions. … Continue reading “COVID-19 Tax Deduction for Business Meals: Proposed Changes”
Businesses Revise Sales Compensation Models During Pandemic
Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries … Continue reading “Businesses Revise Sales Compensation Models During Pandemic”