Taxable Income Limits – DougFreemanCPA.com

Business website costs: How to handle them for tax purposes

Deductable Expenses, Income Tax, Section 179, Small Business, Tax Deduction, Website Development Tax Deductions / Douglas Freeman

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to […]

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The CARES Act liberalizes net operating losses

(CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Deductions, Net Operating Loss (NOL), Tax Cuts and Job Acts (TCJA), Tax Savings / Douglas Freeman

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions. Basically, you may be able to

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The new COVID-19 law provides businesses with more relief

(CARES ACT), COVID-19, Employees, Payroll Tax, Small Business, Social Security & Medicare (FICA) taxes, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit. The new law provides a refundable payroll tax credit for 50% of wages paid

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