McMill CPAs and Advisors logo

McMill Building

125 S. 4th Street

Norfolk, NE 68701

 

Phone:     402-371-1160

Toll Free: 800-694-1160

 

Website: www.mcmill.info

December 2021

End of the Year Tax Tips for Business

Insights and Tips

Before the clock strikes midnight on December 31, make sure your business is prepared to maximize its tax savings for 2021.

Treat your employees to a holiday lunch at a local restaurant. Business meals eaten at restaurants are 100% tax-deductible for 2021. You can also take your best customers out for a nice dinner to thank them for their continued support. Be sure to keep your itemized receipts and write on them who was there and what business topics you discussed.


Instead of providing employees with year-end cash bonuses, consider putting that money toward paying their student loans. Either way, you’ll get the full tax deduction, but your employees may appreciate the loan pay down more.


Get your accounting records organized for your tax professional. With numerous tax law changes over the last two years, your advisor has been working non-stop, trying to keep up. Being prepared with your documents will make tax time less stressful for both of you.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.