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Purk and Associates
St. Louis CPAs and Business Advisors
Purk and Associates
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Category Archives: Uncategorized

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What are the tax implications of buying or selling a business?

UncategorizedBy Purk & Assocaites, P.C.February 24, 2021

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under current tax law,…

Can you qualify for a medical expense tax deduction?

UncategorizedBy Purk & Assocaites, P.C.February 22, 2021

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For…

Many tax amounts affecting businesses have increased for 2021

UncategorizedBy Purk & Assocaites, P.C.February 20, 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that…

Two St. Louis Accounting Firms Merge with Purk & Associates, P.C.

UncategorizedBy Kassaundra ScharioFebruary 16, 2021Leave a comment

Purk expands senior management team with Doug Pleus, CPA, Pleus & Company, LLC; Terry Knox, CPA, Dwyer Costello and Knox P.C.; Holly Breuer, CPA, and Candice Carter. Purk & Associates, P.C., the leading, woman-owned St. Louis-based accounting, and management advisory firm, announced today that Pleus & Company, LLC; and Dwyer Costello and Knox P.C. have…

UncategorizedBy Purk & Assocaites, P.C.February 16, 2021

St. Louis accounting firms Pleus & Co. and Dwyer Costello and Knox merge into Purk & Associates.  https://bit.ly/3as9dNb 

The right entity choice: Should you convert from a C to an S corporation?

UncategorizedBy Purk & Assocaites, P.C.February 16, 2021

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should…

2021 individual taxes: Answers to your questions about limits

UncategorizedBy Purk & Assocaites, P.C.February 15, 2021

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to acquaint yourself with tax amounts that…

The cents-per-mile rate for business miles decreases again for 2021

UncategorizedBy Purk & Assocaites, P.C.February 10, 2021

The price of gas is down from a year ago. How does this affect the amount your business can deduct for business driving in 2021?

Pandemic Relief Package

Finance, Covid19, Purk News, Uncategorized, Your BusinessBy Kassaundra ScharioDecember 23, 2020Leave a comment

The U.S. Senate and House of Representatives passed a $900 billion COVID-19 Pandemic Relief bill Monday night. We have not yet reviewed all 5,500 pages, but here is what we know so far: PPP round 2: $267.5 billion in PPP loan funds available through a similar process as round 1. Only businesses with 300 or…

Disability income: How is it taxed?

UncategorizedBy Jim BurgessNovember 5, 2020

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If the income is paid directly to you by your employer, it’s taxable to you as ordinary…

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