Feb 7, 2023 | Small Business Accounting, Tax Planning
Are you unsure what you can deduct as a business owner? Below is a list of common deductions. However, they are in no way an exhaustive list. The IRS allows you to deduct “ordinary and necessary” expenses for your business. So, if the deduction...
Dec 1, 2020 | Small Business Accounting, Tax Planning
Simply put, self-employment tax (SE tax) is Social Security and Medicare taxes paid by individuals who work for themselves. If you are self-employed as a solopreneur (aka sole proprietor), freelancer, or independent contractor, you will owe SE tax if you make at least...
Nov 18, 2020 | Small Business Accounting
The S-Corporation has become a prevalent entity choice in today’s business environment.Many people have heard the term, but few outside of the CPA community understand themechanics. The key advantage of an S-Corporation, or S-Corp for short, comes from savings...
Aug 11, 2020 | Small Business Accounting
On Saturday, President Trump signed an executive order that, among other things, deferred the payment of the employee portion of payroll taxes. Specifically the 6.2% social security tax that is normally withheld from an employee’s paycheck. This has been touted as a...
Mar 27, 2020 | Small Business Accounting, Tax Planning
The CARES Act is an estimated $2 Trillion bill that provides aid to several different sectors of the economy. Below are some details on a few of the provisions relating to individuals and small businesses. Individual Provisions Stimulus Payments The bill...
Mar 25, 2020 | Small Business Accounting, Tax Planning
Updates to IRS 2020 Deadlines COVID-19 & the Coronavirus pandemic have delayed the filing deadline for tax returns this year. Until recently, many questions about the details of this announcement were left unanswered. The IRS has clarified some of these issues....
