In pandemic times, every penny saved counts. Tax planning can reduce business taxes, but there are additional savings opportunities. When it comes to research and development tax credits, certain costs related to wages, supplies and contract research are eligible, and can save you $$$. Taxpayers often overlook processes and routine work that counts towards extra
Biden’s Tax Policy Changes Will Impact 2021 Tax Planning
Nothing is yet set in stone, but we want to alert clients to “expect the unexpected” when it comes to potentially significant tax and regulatory policy changes in 2021. The first hint of things to come may be hidden in President Joe Biden’s American Rescue Plan. The $1.9 Trillion COVID-19 relief package represents the Biden administration’s
Crunch Time for Crypto Taxation
Bitcoin rose above $52,000 on February 17th and has gained over 400% in 12 months. If you were lucky and bought bitcoin when it was worth less, you are sitting on big gains, which is why it is important to understand that the IRS views bitcoin and other cryptocurrencies as assets. Not currency and not
12 New Year Financial Resolutions to Avoid the Fiscal Year Fizzle
A new year deserves a review of lessons learned and a set of new goals. Whether you are an individual or business client, take a few minutes to review this list of 12 suggestions from our tax and financial professionals, most are painless: 1. Make an inventory once a year as an individual and twice
Electric Vehicle Tax Credit Update For New Models
Over the holiday season, the IRS approved even more automobiles to be eligible for the Electric Vehicle tax credit. The autos are made by BMW, Honda, Jaguar, Mini, Range Rover and Subaru. The EV credit maxes out on some models at $7,500, but this is still very good news. The exact amount takes some figuring
Entity Structuring for Expanding Family Businesses
Owner-operator businesses usually start out as sole proprietorships, which is fine until your business starts to grow, and your family status changes. Life can throw your business a curve ball when you least expect it. Retirement, divorce, illness, even irreconcilable differences with a new partner or staff. Whatever life pitches, you should have a plan
Small Business Structuring for Tax Efficiency
Remember way back when as you started your business? Like most entrepreneurs, you probably chose to form a sole proprietorship because it’s less paperwork and less costly. But as your business grows you might benefit from the protections provided by a Limited Liability Company (LLC) or C-Corporation. But if you are currently a C-Corp, does
S Corporations and Partnerships Exempt From Limits on State and Local Tax Deduction
The IRS is shaking things up in S.A.L.T. The IRS intends to issue proposed regulations to permit a partnership or an S corporation to deduct specified income tax payments made to a domestic state or local jurisdiction. In Notice 2020-75, the IRS clarifies that state and local income taxes imposed on and paid by a
https://fuoco.cpa/cares-act-business-tax-moves-to-make-before-year-end/
Written by William Roof, JD, CPA, of Counsel The IRS emperor is not naked,** he still has both clothes and teeth. The IRS may have taken a national emergency break along with the rest of us, but is waking up. Regardless of your political leanings, we are all going to have to pay for COVID.
Fuoco Group Salutes Our Veterans
Tax opportunities provided below create many opportunities for our Veterans to save! Earned Income Tax Credit Many Veterans are eligible for various tax credits including the Earned Income Tax Credit, a refundable federal income tax credit for low- to moderate-income workers and their families. Roughly two million Veterans and military households receive the EITC, the
