.If you recently starting a new business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified new business retirement plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan. Tax-free buildup of … Continue reading “New Business? It’s A Good Time To Start A Retirement Plan”
Month: October 2020
Inventory Management Is Especially Important This Year
rAs the year-end approaches, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However, … Continue reading “Inventory Management Is Especially Important This Year”
The 2021 “Social Security Wage Base” Is Increasing
UPDATE: we have posted the updated 2022 social security wage base. If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. There has been a recent announcement from the Social Security Administration on the increase in maximum earnings. Such earnings will be subject to a … Continue reading “The 2021 “Social Security Wage Base” Is Increasing”
Understanding the Passive Activity Loss Rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or 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 income. You can’t deduct the excess expenses (losses) against earned … Continue reading “Understanding the Passive Activity Loss Rules”
Reviewing Your Disaster Plan In A Tumultuous Year
It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner (ready or not) to execute his or her business disaster response plan. So, how did yours do? Although it may still be a little early to do a complete assessment of what went right and … Continue reading “Reviewing Your Disaster Plan In A Tumultuous Year”
The Easiest Way To Survive An IRS Audit Is To Get Ready In Advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. However, as long as as you are properly preparing for an IRS audit, all should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large … Continue reading “The Easiest Way To Survive An IRS Audit Is To Get Ready In Advance”
Reinforce Protection Of Your Company’s Mobile Devices
Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees and remote sellers. And this relationship has only been further cemented by the COVID-19 pandemic, which has thousands working from home or other remote locations. From a productivity standpoint, this is a good thing. So many tasks … Continue reading “Reinforce Protection Of Your Company’s Mobile Devices”
IRS Announces Per Diem Rates For Business Travel
In Notice 2020-71, the IRS recently announced special business travel per diem rates. These special rates can substantiate the amount of expenses a business incurs for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses … Continue reading “IRS Announces Per Diem Rates For Business Travel”