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Business Tax

“Extender” Legislation Impacts Individuals and Small Businesses

November 21, 2020 by admin

“Extender” Legislation Impacts Individuals and Small Businesses

The federal spending package that was enacted in the waning days of 2019 contains numerous provisions that will impact both businesses and individuals. In addition to repealing three health care taxes and making changes to retirement plan rules, the legislation extends several expired tax provisions. Here is an overview of several of the more important […]

Filed Under: Business Tax

Are Opportunity Zones an Opportunity for You?

September 28, 2020 by admin

Are Opportunity Zones an Opportunity for You?

Created by the TCJA in 2017, opportunity zones are designed to help economically distressed areas by encouraging investments. This article contains an introduction to the complex details of how these zones work. The IRS describes an opportunity zone as “an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.” […]

Filed Under: Business Tax

Business Auto Deductions: Two Ways to Calculate

April 10, 2020 by admin

Do you drive your car for business purposes? The costs of operating and maintaining your vehicle are potentially deductible. Here are some guidelines. Two Methods The IRS provides two basic methods for computing deductions for the business use of an automobile. Actual expense method. With the actual expense method, you deduct the actual costs of […]

Filed Under: Business Tax

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