Author Archives: Cordasco
The QBI deduction basics and a year-end tax tip that might help you qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners … Continue reading
The 2021 “Social Security wage base” is increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in … Continue reading
Initial Overview of Stimulus Relief Bill
The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress late on December 21, 2020, but President Donald Trump said Tuesday night that he might not sign the bill immediately, if at all. There is a lot going … Continue reading
On-time financial reporting is key in times of crisis
Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting or natural disasters in 2020. Lenders and investors want to know how … Continue reading
4 steps to improving your company’s sales
Most salespeople would tell you that there are few better feelings in life than closing a deal. This is because guiding a customer through the sales process and coming out the other side with dollars committed isn’t a matter of … Continue reading
There may be relief from tax liability for “innocent spouses”
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain … Continue reading
Weighing the risks vs. rewards of a mezzanine loan
To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened … Continue reading
PPP Funds Taxable in 2020
IRS Issues Guidance Stating Expenses Paid with PPP Funds are NOT Deductible for 2020 Tax Year As this unprecedented year draws to a close, the administration has again issued late guidance regarding the proper treatment of Paycheck Protection Plan loans. Late … Continue reading
2020 Tax Planning Overviews are Here!
As in prior years, we are proud to provide you with our detailed tax planning ideas for the 2020 tax year. This year, in light of the pandemic and legislation passed to combat its economic impacts, it is more important … Continue reading
Why it’s important to plan for income taxes as part of your estate plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. … Continue reading