Enhanced Charitable Deductions in 2021
Last year’s CARES Act enhanced several tax incentives for charitable deductions for donations made through the end of 2021. Here’s a summary.
Author: Andrew Litchford
Posts by Andrew Litchford
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA). Here’s a rundown of the rules.
Are Your Operating Reserves at a Good Level?
Operating reserves are often called “rainy day funds.” But stable reserves are critical for far more pressing reasons than the metaphorical rainy day.
Grow your College Savings and Save on Taxes with a 529 Plan
A Section 529 plan remains one of the best ways for families to save money for college while saving on taxes at the same time.
What are my Board Member Responsibilities?
Board members should always bear in mind their board member responsibilities and duties. Here are the three primary duties.
Best Practices for Business Expenses
If you’re claiming deductions for business meals or auto expenses, be sure to follow best practices for business expenses.
How to Vet a Subcontractor
In the current contractor environment, knowing how to vet a subcontractor for quality of work and financial stability is more important than ever.
Crafting a Buy-Sell Agreement
Most companies with more than one owner should have a buy-sell agreement in place. Here are some of the key considerations involved in developing this legal document. Buy-sell agreement benefits A well-designed buy-sell agreement provides many benefits, including: Keeping ownership of the business within the family or another select group, for example, people actively involved
Small Business Tax Breaks for your Company
If you own a business, you may qualify for a variety of small business tax breaks that can slash your tax bill and reduce your administrative costs.
Cut your Self-Employment Tax by Operating as an S-Corp
If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of self-employment tax The self-employment tax is imposed on 92.35% of