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Bonus depreciation and Section 179 expense can be a valuable tool to help you manage your business’ profit margin this year. Here are some thoughts to consider. The Problem Many businesses struggling during the pandemic took out Small Business Association Payroll Protection Program loans (SBA PPP loans). The SBA’s willingness to forgive these loans is
No one likes surprises from the IRS, but they do occasionally happen. Here are some examples of unpleasant tax situations you could find yourself in and what to do about them. An expected refund turns into a tax payment. Nothing may be more deflating than expecting to get a nice tax refund and instead of
If you are working from home for the first time in 2020, you may be wondering if your home office is tax-deductible. The bad news? If you’re working from home for an employer, you normally can’t deduct your home office expenses. Here’s a quick look at the basic requirements to be able to deduct your
Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax holiday effective September 1 was recently signed via presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s tax