A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled… Read More »Many tax amounts affecting businesses have increased for 2021

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim… Read More »Did you make donations in 2020? There’s still time to get substantiation

Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your company well. Performance factors A… Read More »The many uses of a SWOT analysis

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less… Read More »2021 individual taxes: Answers to your questions about limits

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a… Read More »The cents-per-mile rate for business miles decreases again for 2021

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal… Read More »The power of the tax credit for buying an electric vehicle

Over the past year, the importance of leadership at every level of a business has been emphasized. When a crisis such as a pandemic hits, it creates a sort of stress test for not only… Read More »Are your supervisors adept at multigenerational management?

Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be — especially when they follow… Read More »View your financial statements through the right lens

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers… Read More »The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES… Read More »Don’t forget to take required minimum distributions this year