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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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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IRS Announces Common Tax Scams

Posted on 16. Sep, 2020 by in Identity Theft, IRS, Small Business Tips, Tax Tips

The IRS recently announced its 2020 edition of its annual Dirty Dozen list of tax scams. This year includes a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake emails or websites looking to steal your personal […]

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NEW Tax Rules for 2020!

Posted on 11. Sep, 2020 by in Charitable Contributions, Charitable Giving, IRS, Small Business Tips, Tax Tips, Tax Updates

Here are several new tax laws to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can donate to more than one charity, but the […]

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Should You Incorporate Your Business?

Posted on 09. Sep, 2020 by in IRS, Small Business Tips, Tax Tips

You may have started your business as a simple sole proprietorship that files its taxes as a Schedule C on your Form 1040. As your business grows, you may want to change the structure. Here are several scenarios where it may make sense to do just that. Reasons to Create Business Entities Establishing limited liability. The […]

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How to Eliminate a Tax Surprise

Posted on 01. Sep, 2020 by in IRS, Small Business Tips, Tax Tips

What is normally a reliable estimate of your taxes – the amount of money withheld from your paychecks by your employer – may be an unreliable estimate this year thanks to the current pandemic. Even worse, using the safety net of paying in what you did last year may not be practical if your financial […]

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Build a Fortress Defense for PPP Loan Forgiveness

Posted on 26. Aug, 2020 by in COVID-19, IRS, Managing Finances, Small Business Tips

More than 70% of small businesses in America now have loan proceeds from the Paycheck Protection Program (PPP) to help retain employees during the current pandemic. The entire amount of a PPP loan is eligible to be forgiven if the funds are used for qualified expenses. Recent legislation liberalizes the terms of loan forgiveness for […]

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Help! My Stimulus Payment is Wrong or Missing!

Posted on 27. Jul, 2020 by in COVID-19, IRS, Small Business Tips

Millions of Americans already received their economic impact payment. But what if you’re still waiting or your payment was for an incorrect amount? Here are some common scenarios why you may not have received your payment, or the payment you did receive was for an incorrect amount, and what you can do. Your payment was […]

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