Introduction: It’s essential to understand the various ways you can reduce your tax liability and maximize your savings. Two commonly used strategies are tax credits and tax deductions. While both can help lower your overall tax bill, they work in different ways and have distinct implications. In this blog post, we will delve into the […]
The Difference between Tax Credits and Tax Deductions Read More »
Tax
In this blog post, we will discuss the four most common business structures: sole proprietorship, partnership, limited liability company (LLC), and corporation. Sole Proprietorship A sole proprietorship is the simplest business structure, where a single individual owns and operates the business. The owner has full control over the business and assumes all liability for its
Choosing the Right Business Structure Read More »
Tax
The following is meant to be a general list for business owners to reference. Not all items on this list will apply to your specific situation. Your accountant will provide you with guidance on the items needed for your business return. 1. Your books Making sure your business books are reconciled and up to date
Your Small Business Tax Preparation Checklist for 2022 Read More »
Tax
Generally, if you file your taxes reliably and pay on time, there’s a good chance the government tax office contacted you for a spot check. In this case, all that may be asked is that you provide receipts and answer a few questions. Give the tax office the information they’ve requested promptly so they can
Small Business Audit: What to do if you get audited? Read More »
Accounting/Bookkeeping, Tax
The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask the accountant these four important questions. 1. What’s my best strategy for increasing revenue? Every business owner strives to improve profit margins, but the best way to quickly and sustainably grow revenue will vary
Four Questions to Ask the Accountant Read More »
Accounting/Bookkeeping, CFO Consulting, Tax
Want to avoid paying more than you should come tax time? Or a frantic last-minute search for missing financial records? This post is about providing guidance on tax planning for small business owners. New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial
Tax Planning for Small Business Owners Read More »
Tax
The President signed into law on Friday June 5th the Paycheck Protection Program Flexibility Act (PPPFA in case you needed another acronym to keep track of) which eased the forgiveness requirements for PPP loans. This will come as a relief to many business owners who would otherwise have been in a position where they may
PPP Loan – Forgive(ness) and Forget Read More »
TaxMillions of Americans have now received a stimulus check from the federal government as part of the CARES Act relief plan. Individuals who have adjusted gross income under $75k ($150K for joint filers) are eligible to receive a payment of $1,200 per person plus $500 for each eligible dependent based on your 2019 or 2018
Hey Google, What should I do with my stimulus check? Read More »
Other, Tax
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