December 2021 | Decker, Farrell & McCoy, LLP

Year-End Tax Planning Tips for Individuals and Businesses

Here we are again, nearing the end of another year. While the tax deadline for 2021 isn’t until April 2022, now is the time to plan and make some strategic moves to optimize your tax situation. Below we’ll look at some tax planning ideas for both small businesses and individuals.Business Tax PlanningBusiness owners should consider a few potential planning areas. Below we’ll look at a handful of relevant topics.Section 163(j) Interest Expense LimitationBusinesses can deduct interest expenses, subject to a limit at 30 percent of adjusted taxable income (ATI). The [...]

How Businesses Can Recognize and Combat Employee Burnout

According to the job site Indeed, COVID-19 has taken a toll on workers even more in 2021, compared to 2020. The survey conducted by Indeed found that 52 percent of those surveyed felt “burned out” in 2021. Sixty-seven percent of those asked said that feeling burned out has become more pronounced as COVID-19 has progressed. It's more noticeable among remote workers (38 percent), compared to 28 percent of employees working in person.Gallup reported in October 2020 that between 2016 and 2019, worker burnout was already on the radar. Once COVID-19 [...]

5 Affordable Ways to Share the Holiday Spirit

The holidays are a season of giving. While much of this involves financial expenditures, you can also give in ways that are more affordable and may hold more meaning. Here are some suggestions about how you can engage in acts of generosity and return to what the season is all about.Cook FoodNothing nourishes the heart and soul, not to mention your stomach, like food made with love from your own kitchen. Baking cookies is always an easy and fun thing to do, but a main dish (with protein) or hearty [...]

Considerations When Automating Accounts Payables

Accounts payables (AP) is a process in the financial department that can be inconsistent and burdensome. However, today’s workforce has driven AP transformation – especially with remote working. Some businesses do not have much choice but to accept automation while others may have realized the need to automate accounts payables due to the numerous benefits that come with it.Before hastily choosing automation, it’s important to make some careful considerations to avoid mistakes that come with the improper implementation of any business accounting technology. Here are a few guiding considerations:What is [...]

Congress at Work: Infrastructure Spending, Hiring Veteran Health Heroes and Initiatives for Education, Childcare and Immigration

Infrastructure Investment and Jobs Act(HR 3684) – This legislation authorizes funding for federal highway, transit, safety, motor carrier, hazardous materials and rail programs of the Department of Transportation (DOT). The bill also addresses climate change with strategies to reduce the environmental impacts of the surface transportation system and facilitate the efficient use of federal resources. It was initially introduced on June 4; it passed in the House on July 1 and in the Senate on Aug. 10. It was passed again in the House in its final form on Nov. [...]