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Financial and Accounting Updates and Information from Maggart
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The Tax Treatment of Start-up Expenses
With the economy improving, many business owners and entrepreneurs may decide to launch new enterprises. If you’re among them, be aware that the way you handle some of your initial expenses can make a large difference in your tax liability. General Rules Start-up costs include those incurred or paid while creating an active trade or …
3 Things to Know After Filing Your Tax Return
Given that it’s after April 15, normally most people would have filed their income tax return by now. But with the deadline for filing 2020 individual returns pushed out to May 17, you might not have filed yours quite yet. Or you might be taking advantage of extending your return to Oct. 15. Whenever you …
Can Your Business Benefit from the Enhanced Employee Retention Credit?
Over the course of the COVID-19 pandemic, many businesses have had to shut down or reduce operations, causing widespread furloughs and layoffs. Fortunately, employers that have kept workers on their payrolls may be eligible for a refundable employee retention credit. Three laws have created, extended and enhanced the credit. The Original Law The CARES Act …
Can Your Business Benefit from the Enhanced Employee Retention Credit? Read More »
