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Small Business

Launching a small business? Here are some tax considerations

Business Deductions, Business Expenses, Employees, Qualified Business Income Deducton (QBI), Retirement, Simples, Simplified Employee Pension (SEP), Small Business, Sole Proprietors /

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The pass-through deduction. To the extent your business generates qualified business income […]

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PPP adjusted to prioritize very small businesses

(CARES ACT), Independent Contractors, Paycheck Protection Program, Self Employed, Small Business, Sole Proprietors /

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15

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Work Opportunity Tax Credit extended through 2025

Employees, Small Business, Work Opportunity Tax Credit /

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. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600, and $9,600

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Should your business add Roth contributions to its 401(k)?

401K, Employees, Roth IRA, Small Business /

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. Key differences. Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to

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What are the tax implications of buying or selling a business?

Business Income Tax, C Corporation, Federal Income Tax, Partnerships, Past-Through Entities, S Corporation, Small Business, Tax Planning /

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal. Under current tax law,

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The many uses of a SWOT analysis

Performance, Small Business, Strategic Business Planning, SWOT Analysis (Strengths /

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. Performance factors. A SWOT analysis starts by spotlighting internal strengths and weaknesses that affect business performance. Strengths are competitive advantages or core competencies

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Are your supervisors adept at multigenerational management?

Employee Benefits, Employees, Human Resources, Management, Profitability, Small Business /

Over the past year, the importance of leadership at every level of a business has been emphasized. When a crisis such as a pandemic hits, it creates a sort of stress test for not only business owners and executives but also supervisors of departments and workgroups. Among the most important skill sets of any leader

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The cents-per-mile rate for business miles decreases again for 2021

Deductable Expenses, Employee Benefits, Employees, Small Business, Tax Deduction, Tax Savings, Vehicle Expenses /

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019. This is the second year in

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