Year-End Tax Planning for Businesses

Since many businesses have been impacted by the pandemic and may be affected by the upcoming election, this is an especially important year to implement year-end tax planning for your business. The Tax Cuts & Jobs Act (TCJA) and the CARES Act have provided many tax credits and deductions to consider. Depending on the outcome of the election, tax policies could change again. Be prepared to be flexible but also start planning now.

Retirement Plans

Setting aside money for your retirement is a great way to plan for your future while also deferring business income. If you already have a retirement plan in place, be sure to make your maximum contribution. If you don’t have one in place, review the benefits and tax savings and consider setting one up today.

Bonus Depreciation

Are you in need of machinery or equipment for your business? Now is the time to make the purchase. Most machinery and equipment, whether new or used, that is bought and used for your business in 2020 qualifies for a 100% bonus first-year depreciation deduction. Additionally, the entire cost of heavy vehicles (vans, pickup trucks, and SUVs) is 100% deductible.

Pay Employee Bonuses This Year

Do you offer an accrual bonus to your employees? If so, you most likely wait to pay your employees their bonus until the following year. Since tax rates may change next year, it is strongly suggested to pay your employees their bonuses in 2020 instead of 2021 this time around.

Business Structure

Now is the time to review your business structure and determine if it’s the right one for your business. No matter what your business entity— sole proprietor, S corporation, LLC, or partnership— each comes with different tax requirements, and you may find that a different structure would better suit your business.

These are just a few tasks you can do now to help your business at tax time. If you have any questions or would like to discuss year-end tax planning strategies for your business in more detail, give us a call.

Reference – https://www.key.com/kpb/our-insights/articles/2020-planning-businesses.jsp

Reviews

We have used Ryder and Company for many years. They always get the needed paperwork to us in a timely manner – by mail or electronically. Once we fill in the information and return it to them, they file our returns quickly! Thanks, Ryder and Co.!

Barbara and Bruce

Honey Brook

5 Stars! Great service, everything done in a timely manner, wonderful packet once completed! Highly recommend!

Sherry

West Lawn

It was an easy experience to do business with this firm. i used to do our own taxes before complications developed (fortunately they were not complications for Ryder & Co.). ir was nice to know that the task was in good hands.

Jim C

Gettysburg

We’ve been Ryder & Company clients for many years and have always been more than satisfied with the service and advice we’ve received. We consider Ron and his staff as friends of the family – more than just our tax advisors.

Robert Bernstel

PALM HARBOR

Ryder Company is an excellent to work with. The prep and filing of taxes goes smoothly and is completed quickly.

Barbara Isganitis

Wyomissing

You guys are great fast and to point . I had a problem and you took care of it without even meeting you. GREAT JOB!!

CHARLES FALCO

ROYERSFORD

As a small business owner in Berks County, I rely on Ryder & Company to provide East Pointe Search Group, Inc. with exceptional accounting and tax advise and preparation. I trust and know through years of experience that Ron and his team will respond promptly to emails, calls and questions… Read more “Marie”

Marie

Oley

Great company to do business with. Very professional, friendly and caring. Always ready to answer your questions – with a smile! Highly recommend this company.

John

Sinking Springs

Ron and his team have been doing my taxes for several years. I turned to Ron for help when I got into business and his team helped us set up proper bookkeeping and payroll. Business taxes were easily handled and my personal taxes became one less headache. Ron’s very professional… Read more “David”

David

Phoenixville

5 stars … and then some. Ron and team are not just great accountants but certainly keep me honest. And so going above and beyond for me means they win my business + referrals. Can’t get a better team. Kudos!

Denise

Morgantown

Extraordinary company! We had the pleasure of working with Ron and his staff for a few years. Highly professional and easy to work with. No task was ever too much and for me the ability to manage and keep our projects moving forward was key! They do whatever it takes… Read more “Ann Marie”

Ann Marie

Fort Washington

We have used Ron for filing our taxes for the last six to seven years and have always been more than satisfied. In addition, Ron has provided us with some good financial advise and referrals. Ron and his staff do a great job!

Ron

Douglassville

For the time I used Ryder & Company, I was completely satisfied.

Eduardo

For the time I used Ryder & Company, I was completely satisfied.

Great people and easy to work with. Very knowledgeable and helpful when I am gathering all of the correct information to drop off. Easy drop off and pick up.

Aly

Sinking Springs

We have used Ryder & Company for many years for our income tax preparation. We were audited one year and Ron and staff handled everything superbly. This year we were victims of tax fraud, and again, Ron handled the messy situation with excellence. I would describe Ryder & Company as… Read more “Scott”

Scott

Exton

The Ryder and Company has been doing our taxes for years now. What a trust worthy company. A kind staff and a blessing to the community. Thank you Ron and your outstanding team.

Deb Kisch

We’ve been with Ryder & Co. around 20 years. 100% excellent experiences with Ron and every staff member. They know how to blend very professional work with a warm personal family atmosphere. I wouldn’t think of going anywhere else.

Beth Humma

The folks at Ryder & Company have been doing my tax stuff for years and I wouldn’t go any where else.

Alastair Carr

We were referred to Ron Ryder by a neighbor who had high praise for his company. We sent Ron a pile of documents that loosely told the story of a major flood, an interstate move and an ongoing fight to recover our losses. He turned it into an orderly and… Read more “Charlene Gaynor”

Charlene Gaynor

Fast service and prompt communication! I trust Ryder and Company to handle our business needs. We have used Ron’s services for years. Honest and trustworthy! And a great guy too!

Michele Ribick

I have trusted Ryder and Company with my family’s income tax needs for over a decade. Ron is honest, knowledgeable, and keeps up to date with the latest tax laws. Best of all, his rates are very competitive. He is much less expensive than the big firms, and only modestly… Read more “Daniel Forman”

Daniel Forman

The firm excels in delivering unparalleled quality and speed of service. Moreover, it is actively investing in streamlining and fortifying web interactions with clients, fostering a sense of security and tranquility.

Marisol Gonzalez

Ryder and Company came highly recommended by a friend and they lived up to the hype. Ron and his team were personable and made me feel at home. The process was straightforward, simple, and convenient. Thanks R&C! *Update: Even in a pandemic world, Ryder & Company made tax season less… Read more “Katie Pendergast”

Katie Pendergast

This year, we were in a bit of a time-crunch, as our taxes were needed by an underwriting team, in early February, to close on our house. Ron likely worked around-the-clock to expedite the assembly and filing of our rather complex return, all while engaging with us in his usual… Read more “Elon Gruber”

Elon Gruber