In the world of business, problems arise every day. A simple mistake in financial reporting can lead to consequences that set your business back. Keep your business moving forward with Darnall, Sikes & Frederick. We apply our technical expertise to a complete range of accounting and financial services in order to provide you with the security your business needs.
Tax breaks to consider during National Small Business Week
Sept. 13-17 has been declared National Small Business Week by the SBA. To commemorate, here’s a tax break to consider. Your business may be able to claim 100% bonus depreciation for asset additions. Under current law, first-year bonus depreciation is available for qualified new and used property that’s acquired and placed in service in 2021. That means your business may be able to deduct the entire cost of some or all asset purchases on this year’s return. To take advantage of this, you may want to make acquisitions before Dec. 31. The bonus depreciation tax break can also be used for eligible heavy SUVs, pickups and vans used over 50% for business. Contact us to help evaluate your options.
September 14, 21
Protect from Cyberattacks
When cybersecurity is weak, cybercriminals who make it past a single line of defense (such as a username and password) can gain unfettered access to a company’s IT network. They then can deploy ransomware or steal customer information. Zero trust security, based on the premise that your network shouldn’t trust any user or device, increases fortifications and helps limit damage. It does this by 1) requiring both initial and ongoing verification, 2) applying “least privilege” principles (which limit access based on users’ roles and the business’s needs) and 3) making multifactor authentication mandatory. Contact us for more information.
August 19, 21
Is an LLC the right choice for your small business?
Is a limited liability company (LLC) the right choice for your small business? Like the shareholders of a corporation, LLC owners (called members) generally aren’t liable for the debts of the business except to the extent of their investment. So their personal assets are protected from the entity’s creditors. Plus, partnership earnings aren’t subject to an entity-level tax. Instead, they “flow through” to the owners (in proportion to their respective interests), are reported on the owners’ individual returns and taxed only once. To the extent the income passed through to you is qualified business income, you’ll be eligible to take the pass-through deduction, subject to various limitations.
August 04, 21