Tax Bites Archives - BeachFleischman CPAs

How can your business benefit from the Consolidated Appropriations Act?

January 14, 2021 Tax Department COVID-19, Tax Bites CAA, COVID-19, employee retention credit, PPP, PPP2

How can your business benefit from the Consolidated Appropriations Act of 2021?

The Consolidated Appropriations Act brings COVID-19 relief (and more) to individuals

January 14, 2021 Tax Department COVID-19, Tax Bites CAA, charitable contributions, child tax credits, COVID-19, FSA, housing relief, recovery rebates, retirement relief, student loans, unemployment benefits

Learn how provisions of the new Consolidated Appropriations Act can benefit you and your loved ones.

New law doubles business meal deductions and makes favorable PPP loan changes

January 4, 2021 January 14, 2021 Tax Department COVID-19, Financial & Professional Services, Tax Bites CAA, COVID-19, PPP Loan Forgiveness, tax deductions

Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.

The right entity choice: Should you convert from a C to an S corporation?

December 30, 2020 Tax Department Tax Bites C corporation, C Corporation tax consequences, S corporation

Are you reconsidering the choice of entity for your business? These are several factors to consider when converting from a C corporation to an S corporation. Here are four of them.

COVID-19-Related Relief is Signed into Law

December 29, 2020 January 7, 2021 Tax Department COVID-19, Tax Bites CAA, CARES, COVID-19, COVIDTRA, PPP, tax credits

On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as other tax and health-related provisions.

The next estimated tax deadline is January 15 if you have to make a payment

December 29, 2020 January 7, 2021 Tax Department Tax Bites tax deadlines, tax payment

The fourth estimated tax payment deadline for 2020 is coming up. Here are the details of when it is and whether you’re required to make a payment.

Sales Tax Economic Nexus

December 18, 2020 December 30, 2020 Melody Haddad SALT multistate tax, online retailers, remote retailer, remote seller, sales tax, SALT, state and local sales tax

In the post-Wayfair era, where physical presence is no longer required to be subject to a state’s sales tax, states continue to enact sales tax economic nexus provisions for remote sellers. If you are a business selling goods into multiple states, it is important for you to keep track of your sales and transactions by[ … ]

Can you qualify for a medical expense tax deduction?

December 16, 2020 December 28, 2020 Daniel Bishop Tax Bites dental expenses, medical expenses, tax deductions

Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.

Maximize your 401(k) plan to save for retirement

December 9, 2020 December 28, 2020 Tax Department Tax Bites 401(k) contribution, contribution limits, retirement plans

Have you been contributing enough to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the recently announced limits for 2021.

Small businesses: Cash in on depreciation tax savers

December 7, 2020 December 28, 2020 Tax Department Tax Bites bonus depreciation, Section 179, tax savings, TCJA

Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.

Category: Tax Bites