As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses,
As many humanitarian nonprofits see increased need in services provided during the COVID-19 pandemic, many businesses are helping out and donating to charity. To help incentivize charitable giving, the CARES Act relaxed some of the rules governing charitable deductions. Here are two changes that affect businesses: 1. The limit on
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020
