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Norman Grill: Small business tax changes

Tax changes due to recent legislation such as the Tax Cuts and Jobs Act and the CARES Act affect both individual taxpayers and small...

Norman G. Grill: Covid-related tax relief for individuals

Signed into law late last year, The Consolidated Appropriations Act, 2021, contains a number of Covid-related relief provisions for individual taxpayers. Here are some...

Norman Grill: Covid-related tax relief for your business

Paycheck Protection Program (PPP) Loans. Retroactive to the effective date of the CARES Act, PPP loans that are forgiven will be treated as tax-exempt...

Norman G. Grill: Exiting your business – Which option is best...

You have four ways to exit your business. The more you know about each, the more likely you will choose the one that’s best for you.

Norman Grill: Tips on getting a business loan

If you are thinking about applying for a business loan, here are some things to know to improve your odds of success.

Norman Grill: Are Social Security benefits taxable?

Social Security benefits that may be taxable include monthly retirement, survivor, and disability benefits. Supplemental Security Income (SSI) payments are not taxable. Generally, you pay...

Norman Grill: Itemizing deductions may reduce your taxes

Many taxpayers opt for the standard deduction because it is easier. But sometimes itemizing your deductions is the better choice – often resulting in...

Norman G. Grill: New employer tax credit for family and medical...

Thanks to the passage of the Tax Cuts and Jobs Act (TCJA) last year, there's a new tax benefit for employers: the employer credit...

Norman Grill: Complying with internet sales tax

If your business delivers products or services across state lines, it’s critical to review your activities. Then take steps to ensure compliance with rapidly evolving sales tax requirements.

Norman G. Grill: Rental real estate investors get new IRS guidance...

If you invest in rental real estate or are considering it, the IRS has provided guidance to those seeking to take advantage of the new Section 199A “pass-through” deduction.

Norman G. Grill: How should you own your vacation home?

There are several different ownership structures that can be used for family vacation homes, including a corporation, trust, tenants in common and limited liability company.

Norman G. Grill: Avoiding a costly business real estate mistake

The largest physical asset for many businesses is real estate, the buildings and land they sit on. Consider setting up separate ownership of the business and real estate to shield these assets from claims by creditors if the company ever files for bankruptcy.

Norman G. Grill, CPA: Big tax savings potential for your business

More important, the law establishes a generous new deduction that will slash taxable income from pass-through entities. Beginning in 2018, the qualified business income (QBI) deduction generally allows taxpayers to deduct 20 percent of QBI (not salary) from a pass-through entity. Combined with the lower top tax rate on ordinary income, the deduction translates to a 29.6 percent top rate on pass-through income.

Norm Grill: How to make accounts receivable pay off

Failure to collect accounts receivable in a timely manner can lead to myriad financial problems for your company, including poor cash flow and the inability to pay your bills.

Norman G. Grill: Planning reduces the risks from business interruptions

One of the most serious risks a company faces is a business interruption that makes it difficult or impossible to continue to provide products or services.