Tag: Tax

With the income tax deadline fast approaching on May 17, tax refunds will be hitting many of our bank accounts, while some others may need to make a payment. Since our 2020 taxes are top of mind, now is the time for 2021 Tax Planning.

BST's tax newsletter. In this issue: Which Start-Up Costs Are Deductible for Federal Tax Purposes, Employee Retention Credit: New Angles for Nonprofits, Tax Breaks for Green Manufacturers Are Expanded, PPP Application Deadline Extended in New Law, COVID-19 Relief: Overview of the New American Rescue Plan Act, and Employees Now Enjoy Even Greater Flexibility with FSAs.

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.

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.

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.

BST partner, Jim Cole, was a featured tax expert in a WRGB Channel 6 story on the 6 pm news on the tax implications of the recent events involving GameStop stock sales.

Judy Cahee and Bob Canterbury answered financial questions with WAMC's Ray Graf hosting.

Forms for various tax situations

While the CARES Act provides for the exclusion of any loan forgiveness amount from gross income, it fails to address the treatment of the expenses funded by those proceeds.

In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers.