Turn Your Home Office Into a Tax Deduction

Posted on 18. Feb, 2021 by in IRS, Small Business Tips, Tax Tips

If you worked from home for the first time in 2020, you may be wondering if your home office is tax deductible. The bad news? If you’re working from home for an employer, you normally can’t deduct your home office expenses. Here’s a quick look at the basic requirements to be able to deduct your […]

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A Happy Banker Makes for a Happy Business

Posted on 15. Feb, 2021 by in Banking, Small Business Tips

With the onset of COVID-19, small business banks are more nervous about potential loan losses than ever. Here are several tips for your business to maintain a great working relationship with your lender. These same tips can also be used if you want to plant seeds with your banker for potential future loans. Produce timely […]

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Ideas to Help the Virtual Learning Challenge

Posted on 11. Feb, 2021 by in Children, Family

Virtual learning is a way of life again for many kids as we head towards winter. Mayo Clinic psychologist Dr. Craig Sawchuk says that families will need to adapt to changing circumstances this school year. “We’ve all been dealing with uncertainty,” Sawchuk said in a recent Mayo Clinic Q&A podcast. “We need to be flexible […]

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Seven Tips For Financial Wellness In 2021

Posted on 03. Feb, 2021 by in Budget, Credit Report, Small Business Tips

Common New Year’s resolutions are to lose weight or become more active. Perhaps 2021 is the year to shift focus. Here are seven tips to help you become more financially fit. Create a budget. It’s easy to get into financial trouble if you spend more than you earn. By watching your budget more carefully, you might […]

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2021 Retirement Plan Limits

Posted on 01. Feb, 2021 by in IRS, Retirement Accounts, Small Business Tips

As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for 2021: Take action If you have not already done […]

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Make Preparations for Form 1099s This Year

Posted on 29. Jan, 2021 by in IRS, Tax Tips, Tax Updates

Be looking for new Form 1099-NEC! Here are three tasks to consider that will make meeting your business’s information reporting requirements less stressful this tax season. Review your general ledger. Even if you’ve already identified 1099 vendors in your payables system, review current year expenses to make sure no new or infrequent payments have been overlooked. […]

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PPP Loan Expenses Are Now Tax Deductible

Posted on 26. Jan, 2021 by in COVID-19, IRS, PPP, Small Business Tips, Tax Updates

If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The CARES Act created the PPP program in March 2020. The program helps businesses adversely affected by the […]

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More Stimulus Payments on the Way

Posted on 19. Jan, 2021 by in COVID-19, Small Business Tips

What you need to know NOW! You could soon see another stimulus payment in your bank account with the recent passage of the Emergency Coronavirus Relief Act of 2020, which means more direct relief to you and your family. Here are some of the major points you need to know that are buried inside this […]

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SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15

Posted on 14. Jan, 2021 by in COVID-19, PPP

The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, […]

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Budgeting Made Simple for the Small Business Entrepreneur

Posted on 30. Dec, 2020 by in Budget, Managing Finances, Small Business Tips

Most of us came from the corporate world where working with budgets was an everyday occurrence. So now you are the one in charge and budgeting is the last thing on your mind for your own business. Budgeting is just as important to the small business owner as it is to major corporations. It helps […]

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