Insights
IRS Eliminates Barriers to Coronavirus Testing and Treatment for HSA Benefits
The IRS has issued guidance that eliminates barriers for testing and treatment of COVID-19 (coronavirus) for health savings account (HSA) participants under a high deductible health plan (HDHP) due to the current public health emergency. Notice 2020-15 states that individuals covered by an HDHP that provides testing and treatment of COVID-19 prior to the satisfaction…
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Give your 401(k) plan a checkup at least once a year
In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes…
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Tax credits may help with the cost of raising children
If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities, and education. Fortunately, there are child tax credits available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes Changes…
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Reasons why married couples might want to file separate tax returns
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for…
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Look closely at your company’s concentration risks
The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But concentration risks have an alternate meaning in a business context as well — and a distinctly negative one at that. Learn more about why you need…
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Getting help with a business interruption insurance claim
To guard against natural disasters and other calamities, many companies buy business interruption insurance. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended. But buying coverage is one thing — making a claim and receiving the funds is quite another. Depending on the scope of…
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Do you want to go into business for yourself?
Many people who launch small businesses start as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction is…
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Do your employees receive tips? You may be eligible for a tax credit
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. How the credit works The FICA credit applies with respect to tips that your employees…
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Numerous tax limits affecting businesses have increased for 2020
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 at $137,700 (up from $132,900…
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Can you deduct charitable gifts on your tax return?
Many taxpayers make charitable gifts because they’re generous and they want to save money on their federal tax bills. But with recent tax law changes, you may no longer get a tax break for your generosity. Are you going to itemize? The Tax Cuts and Jobs Act (TCJA), signed into law in 2017, didn’t put new…
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