…and tips on how to do it. The IRS may have granted us a reprieve for filing our income taxes this year, but we hope you’re well into your preparation for 2020 income taxes – or finished with them. Tax planning shouldn’t be a task on your to-do list every April. It should start January 1. You won’t know what legislation Congress will pass before December 31 that will affect… Read More
5 Benefits of Hiring an Accountant for Your Business
Running a small business is demanding, and there’s not always time to manage every task well. If you’re letting some tasks slip through the cracks, or if you want to prevent that from happening, it’s time to consider hiring an accountant. Here’s how your business will benefit if you do: 1. You will save time. Your number one asset as a small business owner is time. Saving as much time… Read More
What is the Small Business Health Care Tax Credit?
Eligible small employers who provide health care coverage to their employees can receive a Small Business Health Care Tax Credit from the Federal government. Here’s what you need to know about who qualifies and how to take advantage of the credit. What is the Small Business Health Care Tax Credit? Small business owners make numerous decisions about employee benefits. For example, the type of benefits offered can entice the most… Read More
Business Meals are Deductible Again: Here’s What You Need to Know
The Consolidated Appropriations Act of 2021 brings a favorite business tax deduction back to life. The so-called “three-martini lunch” is in vogue once again; however, not everyone is happy about it. So, what does this mean for businesses? Read on to learn more about the deduction and the associated pros and cons. What is the Three-Martini Lunch Tax Deduction? There was a time – up until the mid-1980s – that… Read More
6 Ways Income Taxes Will Be Different in 2021
Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021. Standard Deduction Increase Standard deductions reduce the amount of your income that is subject to federal tax. Most taxpayers do… Read More
Hard Times? Get Back to Business Basics
It’s reassuring to remember that downturns are a normal part of the business cycle. And, just as there are strategies that help businesses thrive during profitable times, there are basic survival tactics that businesses can employ when the outlook is less than rosy. Control Spending Finances should be your fundamental concern when economic conditions are unsettled. When sales slow, it’s time to preserve your cash. Look closely at how you… Read More