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Opening a new location calls for careful planning

2021 – 09/15 The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a location, both congratulations and…

National Small Business Week

2021 – 09/14 National Small Business Week runs through Sept. 17. To recognize the week, the IRS is providing information for businesses to help understand and meet their tax obligations. To learn more about employment tax obligations, obtaining an Employer Identification Number, making estimated tax payments and more, visit: https://bit.ly/3CfKPcF

Eligible Medical Expenses

2021 – 09/13 The IRS is reminding taxpayers that the cost of home testing for COVID-19 is an eligible medical expense. This means that the cost of at-home testing is potentially tax deductible or can be paid for or reimbursed under health Flexible Spending Arrangements (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs) or…

Tax breaks to consider during National Small Business Week

2021 – 09/13 The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new…

Tax Payment Deadline September 15th

2021 – 09/10 Reminder: Estimated tax payments for the third quarter of 2021 are due on Wednesday, Sept. 15. In general, individuals (including sole proprietors, partners, and S corporation shareholders) have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. Corporations generally have to…

Accounting Today Names 2021 Best Firms to Work For

Accounting Today and Best Companies Group have announced the members of the 2021 Best Accounting Firms to Work for List. The annual survey and awards program is designed to identify, recognize and honor the best employers in the accounting profession.  Bland Garvey is honored to make the list for the ninth time.  Accounting Today names 2021…

Think like a lender before applying for a business loan

2021 – 09/08 Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If…

IRS: Per Diem Business Travel Rate

2021 – 09/07 The IRS has announced the special per diem rates that are effective Oct. 1, 2021. Taxpayers may use these per diem rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. An employer may pay a per diem or daily amount to an employee…

2022 Social Security Wage Base

2021 – 09/07 The Social Security (SS) wage base for 2022 is projected to rise to at least $146,700. That’s according to the SS Administration Office of the Chief Actuary, which issues three forecasts. The highest projection is $147,300. The wage base is the point at which annual wages are no longer subject to SS…

5 questions to ask about your marketing efforts

2021 – 09/01 For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the planning process tends to focus on the initial expenses incurred rather than how to measure return on investment. Here are five questions to ask yourself and…

Expanding succession planning beyond ownership

2021 – 8/25 Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. But if you want to take your succession plan to the…

IRS: Bankruptcy and Taxes

2021 – 08/19 The IRS has updated a page on its website that discusses what an individual taxpayer needs to know about taxes and bankruptcy. For example, the IRS tells individuals that before filing a bankruptcy petition under Chapter 13 they should file all required tax returns for tax periods ending within four years before…

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