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Benefits of a Health Savings Account for Your Small Business

WebSmall business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of …

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2021 Amounts for Health Savings Accounts Released

WebThe IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). The Basics of Health Savings Accounts. Health Savings …

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The Facts about Health Savings Accounts

WebGiven the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored …

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Manage Health Care Costs with a Multipronged Approach

WebMany companies offer health care benefits to help ensure employee wellness and compete for better job candidates. And the Affordable Care Act has been …

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Could an FSA Offer the Flexibility and Benefits you Need

WebBusiness owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer or smaller ones, may …

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General Business Credit: Dozens of Tax Credits in One

WebThe General Business Credit caps the total credits in a given year to the excess (if any) of the net income tax of the taxpayer over the higher of: Twenty-five …

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COVID-19 Employment Tax Deposit Relief Guidance Issued by IRS

WebThe IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits …

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8 Accounting Tips for Sole Proprietors

WebSelf-employment taxes. For 2021, you pay Social Security on your net self-employment earnings up to $142,800, and Medicare tax on all earnings. An additional …

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PPP Loans Reopen: Tax Consequences Change

WebThe Small Business Administration (SBA) announced that PPP loans reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the …

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Infrastructure Act Summary: What’s In It For You

WebNovember 16, 2021. The long-awaited $1 trillion Infrastructure Investment and Jobs Act (IIJA) received the U.S. House of Representatives’ approval Friday, November 5, 2021, …

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Tax Limits for Businesses Increase for 2023

WebSection 179 expensing: Limit: $1.16 million (up from $1.08 million) Phaseout: $2.89 million (up from $2.7 million) Income-based phase-out for certain limits on the Sec. …

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What are the Itemized Deductions for 2021

WebThe TCJA limits your itemized deduction for state and local taxes — including property tax and the greater of income or sales tax — to $10,000 ($5,000 if married filing …

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Latest Changes to PPP Loan Program Beneficial For Borrowers

WebYour business may have found a lifesaver in the Paycheck Protection Program (PPP Loan), created last year for companies struggling with the economic …

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Top Five Accounting Tips: Why Recordkeeping is Important

WebRecordkeeping – especially good recordkeeping – can be a burden on your time, resources, and patience. But as a business owner, it needs to be one of your …

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