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YEAR-END TAX PLANNING FOR 2021

November 2021 BUSINESS TAX ISSUES Prepay Expenses Using the IRS Safe Harbor   You just have to thank the IRS for its tax-deduction safe harbors.  IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS, (IRS […]

TAX TIP LETTER – PRIMARY HOME SALE

Dear Client:                                                                                                            October 21, 2021 The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need not complete any special tax form to take advantage. To […]

Client Tax Tip Letter September 2021

Save Your Employee Retention Credit In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners. According to the IRS: Your corporation can qualify for the ERC on the wages paid to a more than […]

Client Tax Tip Letter August 2021

Don’t Miss Out on the Employee Retention Credit It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). And remember, this is a tax credit—one of the very best things that tax law has to offer. True, it’s not as valuable as some other […]

THE WHALEN GROUP Tax-Saving Tips

Is Your Travel Day Personal or a Tax-Deductible Business Day?   When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night?   The rules also affect your costs during the day. When you have an overnight […]

Benefit Big from the Work Opportunity Tax Credit

The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about. Suppose your business hires a member of a targeted group. In […]

YEAR-END TAX PLANNING FOR 2020

BUSINESS TAX ISSUES   Prepay Expenses Using the IRS Safe Harbor   You just have to thank the IRS for its tax-deduction safe harbors.  IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS, (IRS Reg. […]

Tax Saving Tips September 2020

Still Time to Get $150,000 from the SBA Can your business use an infusion of cash to deal with losses caused by the COVID-19 pandemic? The hugely popular federal Payroll Protection Program (PPP) that paid forgivable loans to millions of businesses ended on August 8 (although it could come back in revised form). But you […]

JOE BIDEN IS NOW THE DEMOCRATIC PRESIDENTIAL CANDIDATE LETS LOOK AT HIS TAX PROPOSALS OR LACK THEREOF

“Biden has not released a single formal tax plan, but he has proposed many tax changes and increases connected to spending proposals related to issues like climate change, infrastructure, health care, education, and research & development. Most of these proposals center around raising income taxes on high earners as well as on businesses. Selected highlights of Biden’s tax […]

Tax Saving Tips August 2020

Bonus Depreciation Some Are Learning From Our Example In recent months, several countries have introduced accelerated depreciation as a measure to incentivize private investment, including Australia, Austria, Germany and New Zealand.  Countries around the world are experiencing sharp economic down turns as a result of the COVID-19 health crisis. They need to gain more support […]