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Douglas Freeman

Re-evaluate your company’s competitiveness in a changed economy

COVID-19, Small Business, Strategic Business Planning /

Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. You may have […]

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If you’re selling your home, don’t forget about taxes

Deductions, Documentation, Home Mortgage, Income Tax, Individual Income Tax, Personal Residence, Tax, Tax Deduction, Tax Planning, Tax Savings /

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of good news is that home prices are up. The median

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Good records are the key to tax deductions and trouble-free IRS audits

Business Audit, Business Deductions, Business Expenses, Business Income Tax, Business Meals and Entertainment, Business Travel Deductions, Deductions, Documentation, Gifts, Income Tax, Internal Revenue Service (IRS), Small Business, Tax Deduction, Tax Record Retention /

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you

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PPP Flexibility Act eases rules for borrowers coping with COVID-19

(CARES ACT), Business Expenses, Coronavirus Aid (CARES Act), COVID-19, Employees, Paycheck Protection Program, Payroll & HR Functions, Small Business, Small Businesses Administration /

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500

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Seniors: Can you deduct Medicare premiums?

AGI (Adjustable Gross Income), Deductable Expenses, Deductions, Health Care, Health Care Insurance, Income Tax, Insurance, Medical Deductions, Medicare Premium Tax Deduction, Medicare Taxes, S Corporation, Self Employed /

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify

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Rioting damage at your business? You may be able to claim casualty loss deductions

Income Tax, Insurance, Small Business /

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage

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Does your company have an emergency succession plan?

CFO, COO, COVID-19, Small Business, Sole Proprietors, Succession Plans /

For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. But it doesn’t always work out this way. As the

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A nonworking spouse can still have an IRA

AGI (Adjustable Gross Income), Contributions, Income Tax, Investment, IRA, Retirement, Roth IRA, Tax /

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal”

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Business meal deductions: The current rules amid proposed changes

Business Deductions, Business Meals and Entertainment, COVID-19, Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction /

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with an enhanced business meal and

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Businesses revise sales compensation models during pandemic

COVID-19, Employees, Sales, Small Business /

Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries

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