by Admin | Jan 20, 2021 | Business Taxes
If you recall, the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018, eliminated business meal deductions for entertainment, amusement or recreation expenses. However, it did retain a deduction for business meals when the expense is ordinary and necessary for...
by Admin | Jan 15, 2021 | Business Taxes
Filing annual wage reports is just one of the many end-of-year responsibilities expected of every business. But the task is not as straightforward as some would think. The reports get sent to the people who have received wages, and at the same time they get filed with...
by Admin | Jan 13, 2021 | Business Taxes
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the...
by Admin | Dec 23, 2020 | Business Taxes
If you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but also minimize your expenses and your tax liability. Unfortunately, far too many entrepreneurs are not well-versed on the tricks and...
by Admin | Dec 23, 2020 | Business Taxes
December 1 – EmployersDuring December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP).December 15 – Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies,...
by Admin | Dec 23, 2020 | Business Taxes
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis...
