Overview

Summer, a wonderful time of year to enjoy the weather, family beach trips and revisit financial targets! To assist you, we have put together a brief 2021 mid-year checklist to assess areas for tax and planning opportunities. A little planning now can help position your tax situation for the final half of the year.

Here are some topics to consider:

• Depreciation
  • Purchasing equipment or vehicles
  • Buying real estate or making building improvements
• Method of Accounting
  • Cash vs. accrual basis of accounting
  • Capitalizing vs. deducting inventory
  • Deducting prepaids
• Budgeting
  • YTD actual vs. budget analysis
  • 2022 budget preparation
• Choice of Entity (Pros and Cons)
  • LLC/Partnership
  • Single Member LLC
  • C Corporation
  • S Corporation
• Retirement
  • Elections
  • Contributions
  • New plans
• COVID-19 and New Tax Law Considerations
  • PPP loan forgiveness applications
  • Employee retention credit
  • Child tax credit advances
• Other
  • Preparing for 1099 filings - collecting your W-9s
  • Business ownership succession planning
  • Trust and estate planning
  • Assessing your tax liability in other states
  • Taxability of unemployment
  • HSA/FSA contributions
  • Energy tax credits

Need Help?

HiAccounting’s team of CPAs, accounting and tax professionals are experts in the above topics and can help answer your questions. Give us a call today at 808.529.9990 so we can help address the needs of your business. We look forward to meeting you!

View our Tax & Accounting Resource Center for Updates: Learn More Here.