Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in the year they're incurred or paid — or whether they must be capitalized and deducted over time. Here's some guidance.
Tag: Articles
Posted onMarch 22, 2021
The Internal Revenue Service and the New York State Department of Taxation and Finance have announced that the individual income tax filing deadline for 2020 tax returns is automatically postponed from April 15, 2021, to Monday, May 17, 2021.
Posted onMarch 18, 2021
Every hour businesses spend doing taxes is an hour not spent moving the business forward. Outsourcing accounting and tax preparation can end the tax season scramble and help businesses save money, reduce errors, and devote more time to business-forward initiatives.
Posted onMarch 1, 2021
The Consolidated Appropriations Act (CAA) — the massive spending package passed in December 2020 — includes many provisions designed to help small businesses that have been struggling during the COVID-19 pandemic. Specifically, the new law contains the following seven tax-related provisions that may be of particular interest to manufacturers.
Posted onFebruary 25, 2021
BST's tax newsletter. In this issue: 5 Valuable Tax Credits for 2020 Individual Returns, Nonprofits Need to Educate Donors About New Tax Benefits, CAA Offers Tax Breaks for Manufacturers, Is It Time for a Roth Conversion? and more.
Posted onJanuary 13, 2021
While we all celebrated the end of 2020 with renewed hope for what 2021 will bring, it is clear that at least the beginning of this year still has its challenges for many. Fortunately, The Economic Aid Act provides for a second stimulus program for businesses, not for profits and other types of organizations.
Posted onJanuary 7, 2021
In the recent COVID-19 Relief Act the government provided an opportunity for businesses to retroactively qualify for certain employee retention credits (“ERC”) even if they utilized the PPP loan program.
Posted onDecember 23, 2020
As so many small businesses hoped for, on Sunday, December 27th, President Trump signed the Consolidated Appropriations Act of Fiscal Year 2021 which confirms the relief that was originally intended by the CARES Act: expenses funded with proceeds from forgiven PPP loans are deductible!
Posted onDecember 16, 2020
It’s that time of year when your mailbox is full of holiday greetings and heartfelt wishes as well as year-end tax planning tips.
