April 2021 – DougFreemanCPA.com

Is your wellness program built on a solid foundation?

In a society increasingly conscious of well-being, with the costs of health care benefits remaining high, many businesses have established or are considering employee wellness programs. The Centers for Disease Control and Prevention (CDC) has defined these programs as “a health promotion activity or organization-wide policy designed to support healthy behaviors and improve health outcomes […]

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Claiming the business energy credit for using alternative energy

Alternate Energy, Business Credit, Tax Credits, Tax Savings / Douglas Freeman

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax

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Why it’s important to meet the tax return filing and payment deadlines

Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Tax, Tax Deadlines / Douglas Freeman

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay. Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty

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Ensure competitive intelligence efforts are helpful, not harmful

Competitive Intelligence, Small Business, Strategic Business Planning / Douglas Freeman

With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a whole, and social media specifically, create a data-rich environment in which you can uncover a wide variety of information on what your competitors are up to. All you or an employee need to do is

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Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

AGI (Adjustable Gross Income), American Rescue Plan Act, Tax Credits, Tax Refund, Tax Savings, Unemployment / Douglas Freeman

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return

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Know the ins and outs of “reasonable compensation” for a corporate business owner

C Corporations, Compensation, Small Business, Tax, Tax Planning / Douglas Freeman

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the

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Changes to premium tax credit could increase penalty risk for some businesses

Affortable Care Act (ACA), American Rescue Plan Act, Health Insurance Marketplace, PTC (Premium Tax Credit) / Douglas Freeman

The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements

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Home sales: How to determine your “basis”

Income Tax, Itemized Deduction, Real Estate, Repairs and Maintenance, Tax Savings / Douglas Freeman

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works. You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other homeownership costs can’t be

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Simple retirement savings options for your small business

Contributions, Employees, Investment, Pension benefit, Retirement, Simples, Simplified Employee Pension (SEP), Small Business, Tax Deduction / Douglas Freeman

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an

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Providing optimal IT support for remote employees

Employees, Information Technology (IT), Small Business / Douglas Freeman

If you were to ask your IT staff about how tech support for remote employees is going, they might say something along the lines of, “Fantastic! Never better!” However, if you asked remote workers the same question, their response could be far less enthusiastic. This was among the findings of a report by IT solutions

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