Remember to close out POS each day
“Finish the drill” is the rallying cry of athletes and coaches to encourage their teammates to give it their all through the end of the game. The same principle holds true in business. Successfully closing out the day is as important as a strong opening. For McDonald’s owner/operators, making sure the point-of-sales systems are closed […]
The 2021 ‘Social Security wage base’ is increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and […]
Why it’s important to plan for income taxes as part of your estate plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted […]
Webinar: Unpacking the latest in PPP Loan Forgiveness
We are entering the final stretches of completing applications for Paycheck Protection Program loan forgiveness, and we are offering a webinar to McDonald’s owner/operators to provide some updates on the process and what to expect. Since the PPP loans were introduced in the spring, there have been changes and clarification over the months to forgiveness and […]
Year-end tax planning goes to the movies
Year-end tax planning is a bit more complex this year as many of our clients received loans through the Paycheck Protection Program. While the loan proceeds are not taxable, word is still out whether the business expenses paid for with the loan will be deductible. Therefore, we are preparing tax projections with two scenarios in […]
COVID relief measures target of online scams
While Covid has changed just about everything, scam artists remain up to their old tricks. Some of their tactics may have changed, but at their core, con artists attempt to take advantage of uncertainty and fear surrounding the pandemic to separate their victims from their money. The IRS released its list of Dirty Dozen tax […]
Some contributions eligible for state tax credit and federal deduction
Many states offer various tax credits for donating to certain qualified charitable organizations, but it has been unclear how to treat those donations for federal tax purposes. The IRS in August issued final regulations that try to make sure people are not double dipping, that is, getting a tax credit and a tax deduction for […]
Approach conservation easements with caution
Donating large tracts of land to a charitable organization in exchange for a sizable tax deduction sounds like a win-win, but is it? We are hearing of more and more partnerships or LLCs becoming involved in syndicated conservation easement transactions, in which the partnership or LLC purchases land for the purpose of donating the property […]
10 year-end tax strategies to take advantage of now
In just a few months, 2020 will come to a close. There is still time, though, for strategic tax planning before the end of the year. The following are the top 10 tax strategies you can take advantage of now. Qualified Improvement Property – Review your 2018 and 2019 reinvestments to see if additional depreciation […]
Changes to QIP May Prompt Adjustments to Some Georgia Tax Returns
Georgia business owners may need to adjust depreciation taken on qualified improvement property in 2019 now that the state has adopted 15-year recovery periods and does not allow 100% bonus depreciation. The QIP recovery period first became an issue with the adoption of the Tax Cuts and Jobs Act in 2017, when through a technical […]