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Returning Value Blog

Tax Depreciation Rules for Business Automobiles

Posted by Marty Williams, CPA on Sep 20, 2021

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.

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Posted in Business Tax

Tax Breaks to Consider During National Small Business Week

Posted by Nick Wheeler, CPA on Sep 14, 2021

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider.

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Posted in Business Tax

How to Realize Tax Savings When Tax Rates Increase

Posted by Lesley L. Price, CPA on Sep 10, 2021

The Treasury Department’s Green Book outlines proposals supported by the Biden Administration that would increase federal tax rates for corporations and high-income individuals, generally effective for taxable years beginning after December 31, 2021. Under these proposals:

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Posted in Tax Planning, Business Tax

2021 Federal Tax Legislation? A Review of the Current State of Play

Posted by Lesley L. Price, CPA on Aug 25, 2021

As we’ve reported this year, the Biden Administration has made tax policy a legislative priority, and the Treasury Department’s Green Book, released on May 28, provides additional details on these tax policy proposals. Congressional Democrats have also indicated their interest in tax legislation. The question is: Will we see federal tax legislation in the near future? To answer this question, we need to look at the Administration’s and Congress’ infrastructure legislative plans.

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Posted in Business Tax, Tax News

Victory for Restaurants: IRS Permits Tips to be Treated as Qualifying Wages for the Employee Retention Credit

Posted by Murry Guy, CPA on Aug 20, 2021

By now, most restaurant operators are familiar with the Employee Retention Credit (ERC). As we discussed in a previous blog post, the ERC is a fully refundable payroll tax credit designed to encourage businesses to retain and compensate employees during periods in which businesses are not fully operational. 

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Posted in Business Tax

The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Posted by Jessica L. Pagan, CPA on Aug 03, 2021

Do you play a major role in a closely held corporation and sometimes personally spend money on corporate expenses? These costs may wind up being non-deductible by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.

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Posted in Business Tax

Getting a New Business Off the Ground: How Start-up Expenses Are Handled on Your Tax Return

Posted by Michael D. Machen, CPA, CVA on Jul 23, 2021

Despite the COVID-19 pandemic, government officials see a significant increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number.

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Posted in Business Tax

Eligible Businesses: Claim the Employee Retention Tax Credit

Posted by Murry Guy, CPA on Jul 20, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules.

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Posted in Business Tax

10 Facts About the Pass-Through Deduction for Qualified Business Income

Posted by Jessica L. Pagan, CPA on Jul 07, 2021

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break: the pass-through deduction, QBI deduction, or Section 199A deduction. 

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Posted in Business Tax

Traveling for Business Again? What Can You Deduct?

Posted by Marty Williams, CPA on Jun 28, 2021

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay.

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Posted in Business Tax

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