In the News

Copyright 2021
When one door closes, another opens. The COVID-19 pandemic has forced many small businesses to permanently shutter. But it has also provided new opportunities, especially for gig economy workers and other sole proprietors who were laid off or furloughed during the pandemic. (See "Start-Up Hot Spots," at right.)
Copyright 2021

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 a row that the cents-per-mile rate has decreased.

Copyright 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.

Copyright 2021
Whether the residential real estate market is up or down, there are always homeowners who want to — or have to — sell their homes. If you're a prospective seller making your property look like a model home in the hopes of raking in a nice profit, now is a good time to review how taxes will factor into the transaction. With the home sale gain exclusion tax break, the profit from selling your principal residence might be free from federal income taxes (and possibly state income taxes too). The rules are straightforward for most sellers.
Copyright 2021
The Equal Employment Opportunity Commission (EEOC), the investigator and enforcer of the federal job discrimination laws, is trying to put itself in your shoes. On its website, the EEOC introduces its treatment of retaliation this way: "Receiving a charge or complaint of discrimination can be frustrating especially when you're confident you've done nothing wrong. You may want to confront the employee who filed the complaint to demand an explanation, assert your innocence or insist that he withdraw the complaint."
Copyright 2021
Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here's an overview of the federal income tax treatment of these losses.
Copyright 2021
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules.
Copyright 2021
The percentage of retail bank customers who access banking services daily via desktop apps has nearly doubled during the COVID-19 pandemic, according to BAI, a banking association. Rather than risk the possibility of a viral infection, many consumers are checking out ways to do their banking that don't involve in-person trips to a bank lobby. This is especially true for small businesses that aren't eligible for a Paycheck Protection Program (PPP) loan.
Copyright 2021
The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation.
Copyright 2021

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences.

Background on the loans

Pages