Author Archives: Cordasco

American Rescue Plan Overview

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law. The Act includes a number of tax and business relief provisions, including a third round of direct stimulus payments, enhancements of many personal credits … Continue reading

Posted in Blog | Comments Off on American Rescue Plan Overview

Biden Signs PPP Extension

President Joe Biden signed the Paycheck Protection Program (PPP) extension on Tuesday March 30, 2020. There are two parts to the added time for the program. In one part, businesses are given an additional two months to apply for the … Continue reading

Posted in Blog | Comments Off on Biden Signs PPP Extension

2021 individual taxes: Answers to your questions about limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you … Continue reading

Posted in Blog | Comments Off on 2021 individual taxes: Answers to your questions about limits

View your financial statements through the right lens

Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be — especially when they follow Generally Accepted Accounting Principles. But … Continue reading

Posted in Blog | Comments Off on View your financial statements through the right lens

If you run a business from home, you could qualify for home office deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. … Continue reading

Posted in Blog | Comments Off on If you run a business from home, you could qualify for home office deductions

Didn’t contribute to an IRA last year? There still may be time

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional … Continue reading

Posted in Blog | Comments Off on Didn’t contribute to an IRA last year? There still may be time

What are the tax implications of buying or selling a business?

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important … Continue reading

Posted in Blog | Comments Off on What are the tax implications of buying or selling a business?

Individual Tax Return Filing Extended Until May 17th

On Wednesday, March 17, 2021, the Internal Revenue Service announced that individual tax returns (Form 1040) originally due on April 15, 2021 will now be due on May 17, 2021. In an already messy filing season due to the impacts … Continue reading

Posted in Blog | Comments Off on Individual Tax Return Filing Extended Until May 17th

Did you make donations in 2020? There’s still time to get substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift … Continue reading

Posted in Blog | Comments Off on Did you make donations in 2020? There’s still time to get substantiation

The many uses of a SWOT analysis

Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your company well. Performance factors A SWOT analysis starts by spotlighting … Continue reading

Posted in Blog | Comments Off on The many uses of a SWOT analysis