Corporate and individual tax posts
Introduction: It’s essential to understand the various ways you can reduce your tax liability and maximize your savings. Two commonly used strategies are tax credits and tax deductions. While both can help lower your overall tax bill, they work in different ways and have distinct implications. In this blog post, we will delve into the Read more about The Difference between Tax Credits and Tax Deductions[…]
Choosing the right business structure is an important decision for any entrepreneur or small business owner. Each structure has its own advantages and disadvantages, and selecting the right one can have a significant impact on your business’s legal framework, operational flexibility, tax considerations, and overall success. In this blog post, we will discuss the four Read more about Choosing the Right Business Structure[…]
Business owners, tax season is right around the corner and although you may be dreading it, there are things you can do to feel better prepared. Here is your small business tax preparation checklist for 2022. Don’t stress, prepare! Your books Your structure Your due date Your income Your deductions Your home office expenses Your Read more about Your Small Business Tax Preparation Checklist for 2022[…]
There are often negative emotions involved when you think of a small business audit, and rightly so. No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter, don’t panic. Prepare. These four steps will help you get through the process with Read more about Small Business Audit: What to do if you get audited?[…]
Ideally, you and your accountant are more than just “adviser” and “client”. With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners. The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask the accountant these four Read more about Four Questions to Ask the Accountant[…]
Want to avoid paying more than you should come tax time? Or a frantic last-minute search for missing financial records? This post is about providing guidance on tax planning for small business owners. New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data Read more about Tax Planning for Small Business Owners[…]
The President signed into law on Friday June 5th the Paycheck Protection Program Flexibility Act. which eased the forgiveness requirements for PPP loans. This will come as a relief to many business owners who would otherwise have been in a position where they may have had to pay back a portion of their loan.
Millions of Americans have now received a stimulus check from the federal government as part of the CARES Act relief plan. Individuals who have adjusted gross income under $75k ($150K for joint filers) are eligible to receive a payment of $1,200 per person plus $500 for each eligible dependent based on your 2019 or 2018 Read more about Hey Google, What should I do with my stimulus check?[…]