Learn about the key tax provisions for individuals and businesses included in the Consolidated Appropriations Act of 2021.
Author: CD Bradshaw & Associates, P.C.
The QBI deduction basics and a year-end tax tip that might help you qualify
Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.
The importance of S corporation basis and distribution elections
Do you operate your business as an S corporation? Be aware that several elections are available to an S corp. or its shareholders that can affect the basis adjustments caused by distributions and other events.
An Overview of Cash-Flow Planning Opportunities in the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act’s many provisions provide emergency relief for businesses suffering financial hardships due to COVID-19. The most widely publicized provision has been the Paycheck Protection Program Loan (PPP Loan).
Consider reevaluating your tax plans based on the outcome of the presidential election
What tweaks might be needed to your year-end tax planning now that the presidential election is over?
Do you want to withdraw cash from your closely held corporation at a low tax cost?
Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.
Tax responsibilities if your business is closing amid the pandemic
There are a number of tax obligations that must be met when a business closes its doors. Sadly, because of COVID-19, many businesses are facing this reality. Here are the basic requirements.
What do the 2021 cost-of-living adjustment numbers mean for you?
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also,…more
Year-end tax planning strategies must take business turbulence into account
As 2020 winds down, it’s time for businesses to take stock of their tax situations and implement year-end tax planning strategies.