Taxes
2020 Business Reporting Reminders Guide
As the year draws to a close, it is imperative to make sure you meet the reporting obligations as outlined below for: Form 1099-MISC and 1099-NEC (NEW!) S-Corporation Health Insurance Personal Use of Employer-Provided Vehicle Personal Property Tax and Business License Returns Form 1099-MISC and 1099-NEC There are several important items and key changes…
Read More2021 Potential Tax Law Changes
Following the 2020 election, President-elect Joe Biden has plans to change the Federal tax law. However, any tax law changes are dependent on Congress approval. The Democrats have secured the majority in the House of Representatives, but Senate majority is still undecided and will not be declared until Georgia’s two run-off races conclude in January.…
Read MorePPP Loan Update: Deductibility of Expenses
While many businesses were recipients of loans from the Paycheck Protection Program (PPP), taxpayers have been anxiously awaiting guidance regarding the tax treatment of related expenses. WellsColeman wanted to provide an update on a recent ruling that provides clarity on expenses paid with PPP funds so that you can appropriately plan for your 2020 taxes.…
Read More2020 Business Planning Guide
Business tax planning is complex. Careful planning involves more than just focusing on lowering taxes for the current and future years. How each potential tax saving opportunity affects the entire business must also be considered. In addition, planning for closely-held business entities requires a delicate balance between planning for the business and planning for its…
Read More2020 Individual Planning Guide
With year-end approaching, it is a great opportunity to evaluate strategies that might help reduce your 2020 tax bill. Year-end tax planning for 2020 requires a fresh approach in consideration of the impact of the COVID-19 pandemic on your personal and business finances. New tax rules that affect year-end tax planning have been enacted to help…
Read MorePutting the finishing touches on next year’s budget
By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s spending plan for next year, be sure to cover the finer points of the process. This means not just creating a budget for the sake of doing…
Read MoreSmall Businesses: It may not be too late to cut your 2019 taxes
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: Buying assets. Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in service…
Read MoreHoliday parties and gifts can help show your appreciation and provide tax breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your…
Read More2019 Business Reporting Reminders Guide
Now more than ever, it is imperative to make sure you meet the reporting obligations as detailed below for: Form 1099-MISC S-Corporation Health Insurance Personal Use of Employer-Provided Vehicle Personal Property Tax and Business License Returns Employer Payroll Update Form 1099-MISC There are several items to keep in mind that will streamline the process,…
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