Have you missed socializing and having business meals with your prospects, customers, and employees? Also, the holidays are coming up - will a year-end holiday meal to gather employees and their families be tax deductible?
Starting a business? Whether you are just getting started or have outgrown your original tax structure, there are many business entities to choose from, with pros and cons for each one. Which type is best for your business depends on what products or services you offer, how much money you earn, whether or not you own the business alone, how many employees you have, what risk or liability you are willing to absorb, and other factors. Here are some common business entity choices and a few of the advantages and disadvantages of each.
The year 2020 introduced many new tax issues that our country has never seen before. We’ve experienced destructive economic repercussions and harm to business activity, uncertain gross receipts, and new expenses born out of pandemic accommodations. To combat the harmful effects of these, the government introduced a variety of aid programs. These included Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans and other CARES Act provisions to help individuals and small businesses cope in the new and challenging business environment. These all come with tax implications.