Small Business Info 2021

Business Management Tips 2020

This handout explores business procedures, plans, budgets, and other resources all designed to help businesses survive.

HIGHLIGHTS:

Internal control procedures.
Business plans.
Use of budgets.
Start-up costs and capitalization.
Online business resources.

Business_Owners_-_Taking_Money_Out_of_a_Business_2021.pdf

Business Owners – Taking Money Out of a Business

This handout discusses the tax consequences of removing money from a business. The tax implications of wages, guaranteed payments, and dividends are explained.

HIGHLIGHTS:

Classification of payments.
Intermingling of funds.
Taking money out.
Flow-through of income.

Business_Owners_-_Taking_Money_Out_of_a_Business_2021.pdf

Business Use of Home

This handout outlines the expenses that are deductible for the business use of the home. The use of the home as a day care facility is also highlighted.

HIGHLIGHTS:

Business use of the home expenses.
Depreciation of the area used for business.
Home improvements.
Calculating the business use of home.
Simplified option for home office deduction.

Business_Use_of_Home_2021.pdf

Buy-Sell Agreements

This handout explains how a buy-sell agreement works and the different ways to structure a buy-sell agreement.

HIGHLIGHTS:

Buy-sell agreement explained.
Cross purchase agreement.
Stock redemption agreement.
Other business insurance needs.

Buy-Sell_Agreements_2021.pdf

Tax News and Industry Updates

This handout gives individuals a quick checklist of how to protect themselves upon notification of identity theft. It also provides information on credit counseling and debt management plans.

HIGHLIGHTS:

Standard Mileage Rate
FinCEN Regulations on Virtual Currency
Identity Protection PIN Opt-In Program
Multi-State Taxation and COVID-19
Phase 4 COVID-19 Relief Bill

Tax_News_and_Industry_Updates_-_Volume_9_Issue_1_Released_January_2021_2021.pdf

Crowdfunding

This handout explores the different aspects of crowdfunding, from the project initiator to the backer/contributor.

HIGHLIGHTS:

Typical projects.
Crowdfunding platforms.
Backer involvement.
Tax issues.

Crowdfunding_2021.pdf

Expense Reimbursements for Employees

This handout describes the requirements for an expense reimbursement plan to qualify as an accountable plan and the reporting requirements for employer reimbursement plans.

HIGHLIGHTS:

Employer reimbursements.
Accountable plans.
Nonaccountable plans.
Reporting reimbursements.

Expense_Reimbursements_for_Employees_2021.pdf

Fringe Benefits

This handout highlights the benefits and uses of fringe benefits.

HIGHLIGHTS:

Tax treatment of fringe benefits.
Nondiscrimination rules.
Employer-provided vehicles.
Other fringe benefits.

Fringe_Benefits_2021.pdf

Inventory Cost of Goods Sold

This handout describes when inventory accounting is required, expenses included in the cost of goods sold and inventory valuation methods.

HIGHLIGHTS:

Cost of goods sold expenses.
Inventory valuation methods.
Loss of inventory.
Valuing inventory.
Uniform capitalization rules (UNICAP).

Inventory_Cost_of_Goods_Sold_2021.pdf

Marketing Your Business

This handout provides some tips on marketing a business and promoting the products and services of the business.

HIGHLIGHTS:

Defining the target market.
Marketing communications.
Media relations.
Customer Service.
Marketing performance.

Marketing_Your_Business_2021.pdf

Mileage and Expense Log

The log provides a worksheet for taxpayers to track mileage and expenses for tax deductibility of those miles and expenses. The log provides the entries needed to be compliant with IRS regulations.

HIGHLIGHTS:

Mileage and expense tracking log.
When transportation expenses are deductible.
Substantiation for travel, meals, and entertainment.

Mileage_and_Expense_Log_2021.pdf

Recordkeeping for Tax Purposes

This handout explains the type of records which should be kept and the retention period of those records. The information is beneficial for recordkeeping of individual tax records and also for recordkeeping of business tax records.

HIGHLIGHTS:

What records should be kept.
Proof of income and expenses.
Records for special situations.
Proof of payment.
How long should you keep tax records?
Electronic records.

Recordkeeping_for_Tax_Purposes_2021.pdf

Self-Employment Tax

HIGHLIGHTS:

Who pays self-employment tax.
Social Security, Medicare, and Additional Medicare taxes.
Self-employment tax optional methods.
Kids in business.

Self-Employment_Tax_2021.pdf

Starting a Business

This handout provides guidance on establishing a business and provides and outline for creating a business plan. It is also helpful in creating a personal financial statement.

HIGHLIGHTS:

Business plan.
Mission, vision, and description of the business.
Marketing plan.
Operational plan.
Management and organization.
Personal financial statement.
Starting a business checklist.

Starting_a_Business_2021.pdf

Vehicles – Business Use

This handout explains the circumstances under which an individual can claim a deduction for using their vehicle for business purposes.

HIGHLIGHTS:

Business use of vehicle.
Local transportation.
Office in home.
Standard mileage rate.
Actual expenses.

Vehicles_-_Business_Use_2021.pdf

Day Care Providers Income and Expenses

This handout provides guidance on recordkeeping of income and expenses for day care providers. It also provides information for calculating the business use of the home for day care providers.

HIGHLIGHTS:

Business bank account.
Day care business records.
Reporting income.
Day care expenses.
Business use of the home.

Day_Care_Providers_Income_and_Expenses_2021.pdf

On-Demand Drivers

This handout contains information for on-demand drivers, such as Uber or Lyft drivers, on tax reporting of income and expenses. Included is guidance on additional expenses that may be tax deductible.

HIGHLIGHTS: