Third Hand Bookkeeping Service

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 […]

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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

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, […]

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 […]