March 1, 2020 -- Volume 19, No. 3
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The free online Supplements for both tax books are now available!
The tax law is not static. Since the publication of this book, Congress has enacted a massive spending measure—the Further Consolidated Appropriations Act, 2020. Part of this measure is the Taxpayer Certainty and Disaster Tax Relief Act of 2019, which makes changes impacting returns for 2018, 2019, and 2020.
Find the Supplement
here.
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And you'll find the free online Supplement for
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Preparing for Economic Changes: Making Strategic Plans
Is the economy getting better or are we in for some serious problems? You can watch trends and listen to economists, but these aren’t all the answers you need. If the coronavirus pandemic has taught us anything, you can’t anticipate a black swan event (an unpredicted rare event beyond what’s normally expected and which can have serious consequences). The only way to be sure you can handle whatever comes your way and move toward your long-term goals is to make a strategic plan.
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Amended Business Income Tax Return Opportunities Now
If you’re owed a tax refund related to a tax return filed for a previous year, the IRS isn’t going to automatically send it to you. It’s up to you to file for it. This means submitting an amended return. Recent legislation has provided opportunities for tax refunds that you may be eligible for…if you file an amended return. Determine whether to do so and how to go about it.
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Wage Withholding: Mandatory and Voluntary Reasons
As an employer, you are required to withhold from an employee’s paycheck federal (and where applicable, state) income taxes, as well as the employee’s share of Social Security and Medicare (FICA) taxes. (Recently
proposed regulations address withholding rules following changes by the Tax Cuts and Jobs Act and the revised Form W-4.) But this mandatory withholding is only the tip of the withholding iceberg.
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Employee Stock Ownership Plans Are a Win-Win
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There are two important challenges that every small business owner should know. 1) According to the
Workest
, retaining good employees is a very big problem for small businesses today; how can this be addressed? 2) According to the House’s Committee on Small Business, there are 2.3 million business owners who are at or near retirement age; who is going to buy them out? One solution for both challenges is an employee stock ownership plan (ESOP).
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Government Incentives for Small Businesses: What's in It for You?
Governments -- federal, state, and local -- provide a variety of economic incentives to encourage businesses to hire workers, invest in capital equipment and property, and become profitable in order to increase their tax revenue. What opportunities are available for small businesses and how do you go about getting them?
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How to Help Employees with Student Loan Debt
Estimates put the outstanding amount of student loan debt for about 45 million people in the U.S. at over $1.5 trillion. Many of those facing high debt experience stress, delay buying homes, launching businesses, or even starting a family. They also limit or avoid putting money into retirement savings. Legally, employers have no obligation to assist those on their staff with student loan debt. But as a practical matter, especially in today’s tight job market, employers are well advised to do something to help.
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Revising Your Drug Policy for Marijuana
Perhaps you’ve revised your drug policy to provide more help and information to employees during the ongoing opioid crisis. What you should and can do in this regard was discussed in a
prior blog. Now, given the growing acceptance of marijuana for medical or recreational use throughout the country, you may want to again revisit your drug policy to make changes where needed for marijuana.
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Valentine's Day in the Workplace: Do's and Don'ts
Each year, February 14 presents a challenge for business owners. How much celebrating should be encouraged or barred? What dating policies are in place or should there be any? How can everyone avoid hurting some employees’ feelings? Challenging questions for sure, especially in today’s #MeToo / #TimesUp environment.
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What every self-employed person needs to know about their taxes!
This second edition helps you file your taxes correctly, accurately, and on time.
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10 Things You Need to Know about Your QBI Deduction
Unsure if you're entitled to the qualified business income (QBI) deduction? The Blueprint's guide answers common questions about QBI so you won't miss out on this valuable deduction.
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Watch a recent interview conducted by David Leopold highlighting my book,
J.K. Lasser's
Small Business Taxes 2020,
and hear important small business updates and tips you can use!
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7 Tax Strategies to Consider When Selling a Business
If you're thinking of selling a business, keep these seven tax considerations in mind.
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Perfectly Legitimate Business Expenses You Can't Deduct
You may incur certain costs for your company that make good business sense. Unfortunately, the tax law doesn’t view them all as write-offs. Check out this list of business expenses that remain non-deductible (in whole or in part).
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An eBook for Ride-Sharing Drivers!
Harvey Bezozi and I created an e-Book for Uber and Lyft drivers as the GPS to help them get where they want to go in their business, safely and securely.
You can find
The Uber/Lyft Drivers Tax & Business Guide, Kindle Edition, on
Amazon today! --
NOTE: This is a newly-updated version.
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175+ Big Ideas for Your Small Business
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