Investing in Opportunity Zones: The Facts

Investing in Opportunity Zones: The Facts The Tax Cuts and Jobs Act included numerous changes for businesses and individuals. One of these was the creation of the Opportunity Zones tax incentive, the purpose of which is to spur economic development and job creation in distressed communities by providing tax benefits to investors. Which Communities Qualify…

Year-End Tax Planning Strategies for Business Owners

Year-End Tax Planning Strategies for Business Owners Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-of-year invoices so that payment is not received until…

Tax Preparation vs. Tax Planning

Tax Preparation vs. Tax Planning Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return…

Pandemic Diaries: Providing Liquidity Through Divestitures

By Michael Lovell Typically, businesses have a life cycle and transition through phases, from initial launch through maturity. The coronavirus has impacted the economy in such a manner that even industries that have traditionally been resilient to economic duress have had to react to stay afloat. But, just as a business maturing through the various…

Unlocking Value – Quality of Earnings Reports

Progressive Thinking Webinar Series Unlocking Value – Quality of Earnings Reports Strategic Considerations for Business Owners and Entrepreneurs Watch this event to understand the most significant financial tool for evaluating proposed transactions or financings – Quality of Earnings (QoE) Reports. This is a great opportunity for business owners, CFOs, controllers, or other similar financial executives.…

Preparing for a Successful Retirement

Preparing for a Successful Retirement As you approach retirement, it’s vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them: 1. Health Insurance Are you among the lucky few who will continue to be covered after retirement? If not, then you’ll need to replace your…

The Home Office Deduction

The Home Office Deduction With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the…