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Douglas Freeman

The right entity choice: Should you convert from a C to an S corporation?

Business Income Tax, C Corporations, Deductions, Employees, Income Tax, S Corporations, Shareholder, Small Business, Tax, Tax Planning /

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should […]

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The Balanced Scorecard approach to strategic planning

Employees, Financial Statements, Strategic Business Planning /

In the early 1990s, the Balanced Scorecard approach to strategic planning was developed to enable business owners to better organize and visualize their objectives. With 2021 shaping up to be a year of both daunting challenges and potentially remarkable recovery, your company should have a strategic plan that’s both comprehensive and flexible. Giving this methodology

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2021 Q1 tax calendar: Key deadlines for businesses and other employers

2020 Tax Return, Form W-2, Small Business, Social Security Administration, Tax Calendar, Tax Deadlines /

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January

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The next estimated tax deadline is January 15 if you have to make a payment

(ATI) Adjusted Taxable Income, 2020 Estimated Tax Payment, Business Income Tax, Deductions, Income Tax, Partnerships, S Corporation, Self Employed, Social Security, Tax, Tax Withholding's /

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you

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Can you qualify for a medical expense tax deduction?

Deductable Expenses, Deductions, Federal Income Tax, Health Care, Health Care Insurance, Itemized Deduction, Medical Deductions, Tax Deduction /

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold. For

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Drive more savings to your business with the heavy SUV tax break

Business Deductions, Business Expenses, Deductable Expenses, Depreciation, Depreciation Deduction (Section 179), Equipment, Income Tax, Small Business /

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions. Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the

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Should you add a technology executive to your staff?

Information Technology (IT), Small Business, Technology /

The COVID-19 pandemic and resulting economic impact have hurt many companies, especially small businesses. However, for others, the jarring challenges this year have created opportunities and accelerated changes that were probably going to occur all along. One particular area of speedy transformation is technology. It’s never been more important for businesses to wield their internal

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Small businesses: Cash in on depreciation tax savers

Business Deductions, Business Equipment, Business Income Tax, Depreciation Deduction (Section 179), Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Savings /

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate

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Maximize your 401(k) plan to save for retirement

401 K, Contributions, Individual Income Tax, Internal Revenue Service (IRS), Investment, Retirement, Roth IRA /

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing your contribution rate. Because of tax-deferred

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The QBI deduction basics and a year-end tax tip that might help you qualify

Limited Liability Company, LLC, Partnerships, Qualified Business Income Deducton (QBI), S Corporation, Small Business, Sole Proprietors, Tax, Tax Deduction, Tax Planning /

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole proprietorships, single-member limited liability companies (LLCs), partnerships, and S corporations, as well as

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