The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement. You can keep making traditional IRA contributions if you’re still working.
Blog
Work Opportunity Tax Credit extended through 2025
March 1st, 2021 by Douglas Freeman
Posted in Employees, Small Business, Work Opportunity Tax Credit
Tags: (SNAP) Supplemental Nutritional Assistance, Long-Term Assistance Recipients, Long-term Unemployed Individuals, Qualified Summer Youth Employees, Qualified Supplemental Security Income Recipients, Qualified Veterans, TANF) Temporary Assistance for Needy Families, Vocational Rehabilitation Referrals
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups.
Should your business add Roth contributions to its 401(k)?
February 27th, 2021 by Douglas Freeman
Posted in 401K, Employees, Roth IRA, Small Business
Tags: Current and future tax rates, Pre Tax Distributions, Qualified Distributions
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees.
Didn’t contribute to an IRA last year? There still may be time
February 25th, 2021 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Contributions, IRA, Roth IRA
Tags: Nondeductible Roth, Phaseout, T, Tax-Deferral Advantages, Tax-Free
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it.
If you run a business from home, you could qualify for home office deductions
February 23rd, 2021 by Douglas Freeman
Posted in 2020 Tax Return, Business Deductions, Business Expenses, Home Office Deduction
Tags: Direct Expenses, Expense Method, Indirect Expenses, Simplified Method
If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.
Building customers’ trust in your website
February 18th, 2021 by Douglas Freeman
Posted in E-Commerce, Small Business
Tags: About Us, B2B Transactions, Customer Trust, Links, Secure Online Transactions, Spelling and Grammar, Trust Elements, Website Trust
A June 2020 report by software giant Adobe indicated that the pandemic has markedly accelerated the growth of e-commerce — quite possibly by years, not just months.
What are the tax implications of buying or selling a business?
February 16th, 2021 by Douglas Freeman
Posted in Business Income Tax, C Corporation, Federal Income Tax, Partnerships, Past-Through Entities, S Corporation, Small Business, Tax Planning
If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal.
Did you make donations in 2020? There’s still time to get substantiation
February 15th, 2021 by Douglas Freeman
Posted in (CARES ACT), 2020 Tax Return, Charitable, Deductions, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Itemized Deduction, Tax, Tax Deduction, Tax Planning
Tags: Donations, Further Consolidated Appropriations Act of 2020, Non-Itemizers
To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation,
The many uses of a SWOT analysis
February 12th, 2021 by Douglas Freeman
Posted in Performance, Small Business, Strategic Business Planning, SWOT Analysis (Strengths
Tags: Legal Defense, Opportunities, Performance Measures, Strengths, Threats, Valuation Strategies, Weakness
Using a strengths, weaknesses, opportunities, and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your company well.
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