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Category: Tax Planner

Construction firm strategy for the end of the 2021 tax year

Whether your construction firm is experiencing a boom in demand or having a year with some financial challenges, year-end tax planning can help create additional cash flow for your business. Lawmakers and the IRS introduced several new programs and clarifications on existing programs in 2020 and 2021 related to COVID-19 relief that expanded tax credit and deduction eligibility for many businesses that may help you […]

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Seven tax strategies that save small businesses money

Taxes are a constant for any business. They come due every year, whether you have a  profitable year or are in times of economic downturn. Planning for your taxes is an important business function, as it allows you to make decisions throughout the year to maximize your tax deductions and save your business on taxes.   Businesses often encounter multiple types […]

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Understanding business meal and entertainment deduction rules

The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related entertainment expenses. Since the pandemic, the IRS has temporarily changed the tax-deductible amount allowed for […]

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Tax implications for cryptocurrency owners

Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. ‘ Approximately 14 percent of Americans own at least one share of virtual currency. Therefore, it’s essential to understand the tax implications associated with receiving, buying, and selling these currencies, mainly because the IRS is starting […]

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IRS Fact Sheet provides new details about tax credits available to eligible employers who provide paid vaccine leave

The IRS and Treasury Department provided new information regarding the tax credits available through the American Rescue Plan (ARP). The ARP was created to help small businesses through the pandemic. This new guidance provides information on how eligible businesses can claim the credit for providing paid time off to employees receiving or recovering from the […]

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