Many small business owners are looking forward to the end of 2020. It’s been a year of significant hardship and stress. But staying afloat remains a daunting challenge in 2021. Here are 16 ideas to help reduce costs without sacrificing quality in the new year. 1. Encourage remote work. Remote working arrangements may have been precipitated by…
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Year-End Estate Planning Tips for 2020
Avoiding ProbateFor those with significant assets, a fundamental estate planning goal is to avoid probate, if possible. Probate is the court-supervised process of: – Identifying and valuing the assets of your estate, – Paying off the estate’s debts (including any federal estate tax, state death tax, and unpaid federal and state income taxes), and –…
2020 Year-End Tax Planning Ideas for Small Businesses
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for small businesses to consider. 1. Claim Bonus Depreciation for 2020 Asset Additions Thanks to the Tax Cuts and Jobs Act…