by briesterer | Mar 18, 2021 | Tax & Accounting
Are you in the market for a new vehicle? If you jump on the electric vehicle bandwagon, you might be eligible for a sizable federal income tax credit. However, not every electric vehicle qualifies for credit. And the tax break is being phased out or is already phased...
by briesterer | Mar 18, 2021 | Tax & Accounting
What can not-for-profit organizations expect in 2021 and beyond? One recent report, “11 Trends in Philanthropy for 2021,” offers some answers. Produced by the Dorothy A. Johnson Center for Philanthropy at Grand Valley State University (Grand Rapids,...
by briesterer | Mar 8, 2021 | Tax & Accounting
Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they’re specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a...
by briesterer | Mar 8, 2021 | Tax & Accounting
Small business tax returns for those who took advantage of the Payroll Protection Program (PPP) are facing a challenge for the 2020 tax year. Congress and the IRS are at odds over small business owners’ ability to deduct several business expenses for this year’s small...
by briesterer | Feb 22, 2021 | Tax & Accounting
Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your return until October 15, but you can’t extend the deadline for paying what you owe...
by briesterer | Feb 22, 2021 | Tax & Accounting
Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you file last year’s return. Claim 100% First-Year Bonus Depreciation — Or Maybe Not For...
