Tax forms, eyeglasses, and calculator

Protect Your Tax Return With This Secret Weapon!

Friday, 12 February 2021 by

The Problem You hang up the phone with a huge smile on your face. You just learned that you’re getting a pretty sizeable tax refund this year. Now all you need to do is kick back and wait a week or two for the IRS to wire the money into your bank account. This good

A 1099 tax form.

Make Preparations for Form 1099s This Year

Monday, 01 February 2021 by

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. For example, it’s easy to

PPP Loan Expense tax deduction paperwork.

PPP Loan Expenses Are Now Tax Deductible

Tuesday, 19 January 2021 by

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 PPP program was created by the CARES Act in March 2020 to help businesses which were adversely

Utilizing depreciation to control loan forgiveness tax surprises.

Using Depreciation to Control a Loan Forgiveness Tax Surprise

Wednesday, 06 January 2021 by

Bonus depreciation and Section 179 expense can be a valuable tool to help you manage your business’ profit margin this year. Here are some thoughts to consider. The Problem Many businesses struggling during the pandemic took out Small Business Association Payroll Protection Program loans (SBA PPP loans). The SBA’s willingness to forgive these loans is