General Tax

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic.

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.

Business owners are required to withhold Social Security and income taxes from their employees' wages.  The funds have to be turned over to the government and if you, as the employer, do not comply, you could be at risk for a severe tax penalty called the “Trust Fund Recovery Penalty”.

Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can make a large difference in your tax bill.

If you operate a small business or starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled.

The recent riots around the country have resulted in many storefronts, office buildings and business properties being damaged or destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property.

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes.