The coronavirus relief and government funding bill that was passed by Congress was signed into law by the President on Dec 27. The coronavirus relief package contains another round of financial relief for individuals in the form of cash payments and enhanced federal unemployment benefits. Individuals who earn $75,000 or less annually generally will receive…
Act Today on the Federal Paycheck Protection Program The Paycheck Protection Program (PPP) process has begun. The financial institutions that process Small Business Administration (SBA) loans are taking applications and are making funds available for businesses with less than 500 employees. Here is a High-level Overview of the PPP Relief Benefits Loans can be for…
Determining Which Products or Services are Most Profitable Your most profitable products are the tickets to success Most companies deal with more than one product or service. Inevitably, some products/services are more profitable than others—and you can’t make sound business decisions without knowing which is which. Understanding which products or services are most profitable, gives…
Important Tax Changes for Individuals and Businesses Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2020,…
Give your business a solid foundation, starting with your budget Getting a business on its feet is both exciting and exhausting. While the excitement wears off over time, it can still be exhausting if you don’t have the right tools in place to keep your business on track—and that’s where a budget comes in. “A…
Good financial statements do more than prevent panic attacks If the IRS notified you of an audit, would you be in danger of having a panic attack because your financial records are not in order? Keeping accurate and thorough balance sheets, income and cash flow statements will not only prevent panic attacks, it will help…
Year-End Tax Planning for Businesses There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices, so payment is not…
Business Expense Deductions for Meals, Entertainment As the end of year approaches, taxpayers should be reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA). Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in…
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses–including the cost of buying health insurance. Here’s what you need to know about QSEHRAs. Background Included in the 21st Century Cures Act enacted by Congress…
Selecting your business successor is a fundamental objective of planning an exit strategy, but it requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP),…