If your company needs working capital to grow, rather than simply survive, you might want to consider a mezzanine loan. These arrangements offer relatively quick access
Blog
Tax implications of working from home and collecting unemployment
September 16th, 2020 by Douglas Freeman
Posted in COVID-19, Home Office Deduction, Tax Planning, Tax Withholding's, Telecommunting, Unemployment
Tags: Form W4-V, Home office deduction, Miscellaneous Itemized Deductions, Self-Employed Taxpayers, Voluntary Withholding Request, Working From Home
If you’re an employee who “telecommutes” — that is, you work at home, and communicate with your employer mainly by telephone, videoconferencing, email, etc. — you should know about the strict rules
2020 Q4 tax calendar: Key deadlines for businesses and other employers
September 15th, 2020 by Douglas Freeman
Posted in 401K, C Corporation, FICA, Income Tax, Retirement, Safe Habor, Simples, Simplified Employee Pension (SEP), Small Business, Tax Calendar
Tags: 2019 Tax Return, December 15, December 31, Estimated Income Tax, Form 1120, Form 941, Fourth Quarter, Income Tax Withholdings, Interest, November 10, November 2, October 15
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020.
Prioritize customer service now more than ever
September 11th, 2020 by Douglas Freeman
Posted in Business Culture, Employees
Tags: Competitors, Customer Service, Empathy, Face-toFace Interactions, Feedback, Flexible, Patience, Phone Calls, Profitability, Relationships, Responsiveness, Revenue
. Without a strong base of loyal buyers, and a concerted effort to win over more market share, your business could very well see diminished profit margins and an escalated risk of being surpassed by competitors.
Employers have questions and concerns about deferring employees’ Social Security taxes
September 10th, 2020 by Douglas Freeman
Posted in Employees, Small Business, Social Security, Tax, Tax Withholding's, U.S. Treasury Department
Tags: Deferred payroll taxes, Federal Payroll Taxes, Notice 2020-65
The President’s action only defers the employee’s share of Social Security taxes; it doesn’t forgive them, meaning employees will still have to pay the taxes later unless Congress acts to eliminate the liability.
Homebuyers: Can you deduct seller-paid points?
September 9th, 2020 by Douglas Freeman
Posted in (NAR) National Association of Realtors, Home Mortgage, Income Tax, Mortgage loans, Tax Deduction
Tags: Home Improvements, Homebuyers, Investment Property, Mortgage Deduction, Mortgage Points, Vacation Home
The National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic
ESOPs offer businesses a variety of potential benefits
September 3rd, 2020 by Douglas Freeman
Posted in C Corporations, Employee Benefits, Employee Stock Ownership Plans, Employees, Retirement, S Corporation, Small Business, Tax, Tax Deduction, Tax Planning
Tags: Dividends, Employer Contributions, Stock
Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality.
Back-to-school tax breaks on the books
September 2nd, 2020 by Douglas Freeman
Posted in American Opportunity Tax Credit (AOTC), Education Tax Breaks, Lifetime Learaning Credit (LLC), Tax, Tax Credits, Tax Deduction
Tags: College Tuition, Modified Adjusted Gross Income (MAGI), Private Education, Religious Elementary, Secondary School, Tax Advantages, Tuition expenses
Here is a summary of some of the tax breaks available for education. 1. Higher education tax credits. 2. Tuition and fees deduction.
5 key points about bonus depreciation
September 1st, 2020 by Douglas Freeman
Posted in (CARES ACT), Depreciation, S Corporations, Section 179, Small Business, Sole Proprietors, Tax Credits, Tax Cuts and Job Acts (TCJA), Tax Planning
Tags: Bonus Depreciation, Building Improvements, Corporations, Property, Taxpayers
Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027.
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