Business owners have a number of options available to deduct costs of a vehicle used in their business. Here, I provide an overview of tax incentives currently in place and options available to deduct the cost of a vehicle. Tax Incentives for Large Trucks & SUVs Currently, there are tax incentives in place for trucks […]
Author: John Sutton, CPA
Education Planning & Tax Benefits
There are a number of tax saving options and strategies to help you save for college expenses. Below is an overview of some of the most important options available to you. For additional information, please view the IRS’ Q&A on education credits and IRS Publication 970 – Tax Benefits for Education. Tuition Tax Credits There […]
2020 Retirement Plan Relief – COVID-19
The CARES Act included several changes to retirement plan contributions, loans, and withdrawals to provide relief to taxpayers as a result of COVID-19. Below is an overview some of the major changes. Please view the linked IRS pages for additional details. No Age Limit on IRA Contributions There are no longer age limits on contributing […]
Should your business be an S-Corporation?
S-Corporations are one of the most commonly recommended forms for new business owners to save taxes, however; it’s important not to rush into structuring your business as an s-corporation as you may not realize these benefits until your business reaches significant profitability. You should weigh the tax savings of having an s-corporation with the additional […]