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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Don’t Make These Mortgage Refinancing Mistakes

Posted on 03. Sep, 2020 by in Mortgage, Small Business Tips

With 30-year fixed rate mortgages approaching historical lows of 3%, you may be thinking about refinancing an existing mortgage. But you better read the fine print before signing on the dotted line to avoid paying too much money. Here are some common mistakes homeowners make when refinancing their mortgage. Not shopping around. When looking to refinance […]

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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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When is Bookkeeping Help Needed?

Posted on 20. Aug, 2020 by in Bookkeeping Articles, Small Business Tips

Do you find yourself wishing you had some bookkeeping help for your business?  The job requirements of bookkeepers are enormous and it really takes a lot of knowledge, training and experience to do the job correctly.   You should not assign these responsibilities to just any employee because you cannot afford any errors.  Mistakes could mean huge losses for your business. So, when the load has become too much, you should start seeking bookkeeping help.  Bookkeepers […]

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Will That Be Cash or Barter?

Posted on 11. Aug, 2020 by in Budget, Misc. Articles, Small Business Tips, Spending

How swapping products and services could benefit your business Bartering, the act of trading goods or services with other goods or services instead of money, is more popular than ever. With high unemployment rates and cash flow being stressed, bartering is a good way to create value for your business. The new world of bartering […]

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How Stay-at-Home Orders Change Money Habits

Posted on 05. Aug, 2020 by in Budget, Charitable Contributions, Charitable Giving, Managing Finances, Small Business Tips, Spending

The most fruitful periods of growth often happen when they are the least expected. Teachers and parents call them teachable moments. By reflecting on how you handle the situation, you can learn a lot about yourself. The disruption caused by this year’s pandemic is a massive teachable moment for all of us regarding money. Here […]

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Small Business Owners Get Good News on PPP Loan Forgiveness

Posted on 29. Jul, 2020 by in COVID-19, Small Business Tips

Small business owners, self-employed workers and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the new […]

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