For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief for small … Continue reading “EIDL Program Retooled for Still-Struggling Small Businesses”
Month: September 2021
Tax Depreciation Rules For Business Automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to business vehicles classified as passenger autos (which include many pickups and SUV tax breaks). As such, this can result in it taking longer than expected to … Continue reading “Tax Depreciation Rules For Business Automobiles”
Opening A New Location Calls For Careful Planning
The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a location, both congratulations and caution are in … Continue reading “Opening A New Location Calls For Careful Planning”
Tax Breaks To Consider During National Small Business Week
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, consider these three tax breaks for small businesses. 1. Claim Bonus Depreciation or a Section 179 Deduction for Asset Additions Under current law, 100% first-year bonus depreciation is available for qualified new and used … Continue reading “Tax Breaks To Consider During National Small Business Week”
Think Like A Lender Before Applying For A Business Loan
Owners applying for business loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful for many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If … Continue reading “Think Like A Lender Before Applying For A Business Loan”
Claiming A Theft Loss Deduction If Your Business Is The Victim Of Embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic Rules For Theft Losses The tax code … Continue reading “Claiming A Theft Loss Deduction If Your Business Is The Victim Of Embezzlement”
5 Questions To Ask About Your Marketing Efforts
For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the marketing planning process tends to focus on the initial expenses incurred rather than how to measure return on investment. Here are five questions to ask yourself and your leadership … Continue reading “5 Questions To Ask About Your Marketing Efforts”
Want To Find Out What IRS Auditors Know About Your Business Industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use … Continue reading “Want To Find Out What IRS Auditors Know About Your Business Industry?”
Expanding Succession Planning Beyond Ownership
Business owners are regularly urged to create and update their succession plans. And rightfully so! In the event of a transfer of ownership, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. This is where seeking and hiring essential employees will be a crucial factor to … Continue reading “Expanding Succession Planning Beyond Ownership”