2020 Tax Facts – 2 Year Comparison

  2020 Tax Facts – 2 Year Comparison. Here’s is a quick review of some of the tax changes you’ll see from 2019 to 2020 as a result of inflation adjustments and new tax laws. Provision 2019 2020 Business equipment Sec. 179 expensing deduction $1,020,000 $1,040,000 Total purchase limit for full Sec. 179 expensing deduction $2,550,000 $2,590,000 Standard mileage rate: business 58¢ per mile 57.5¢ per mile Standard mileage rate: medical/moving 20¢ per mile 17¢

5 Things Your Business Needs to Do Now!

  5 Things Your Business Needs to Do Now! Navigating COVID-19 pandemic requires an accurate financial picture. With the COVID-19 pandemic dominating the news and creating havoc in many sectors of the economy, companies are going to need to be on their “A” game to survive and thrive. Here are five essential tasks to help you do this. 1. Bring financial statements up to date A clear understanding of your company’s current cash flows, revenues,

Planning to start a business partnership with a friend?

  Should you choose a friend to be your business partner?  Planning to start a business partnership with a friend? Prudence demands looking at the pitfalls – as well as the potential strengths – of such relationships. Here are a few questions to consider. What will my friend contribute to the business? Does he or she have strengths that will clearly enhance the business – abilities, knowledge, or resources that you don’t possess or aren’t willing

What records should your business keep

  Record keeping requirements for businesses. What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider the records you need to substantiate your annual income tax return. The IRS says that you must maintain adequate

Three credits available for businesses

Three credits available for businesses. Three new credits are available to many businesses hit by COVID-19. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. Also, the refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Qualifying employers must fall into one of two categories: The employer’s business is fully or

So You Got Your PPP Loan. What’s Next?

So You Got Your PPP Loan. What’s Next? You just got the email that your Paycheck Protection Program (PPP) loan was approved—congrats! Getting this far is a major accomplishment and warrants some serious celebration (homemade frosé anyone?). But being approved for a loan is just the start of your PPP journey. Now, it’s time to strategize how you’ll use the funds to keep your business going while ensuring that you qualify for loan forgiveness. Below, we’ve put

The 3 Rules of Cash

  The 3 Rules of Cash A COVID-19 pandemic reminder. To keep your business solvent through the COVID-19 pandemic, stay focused on the 3 rules of cash: 1) Now versus later. Cash now is better than cash later. Decreasing cash flow for many of your customers means you’ll likely have trouble collecting 100% of your accounts receivable in the short term. But don’t overlook clients whose cash flow or revenue has yet to be dramatically affected

Small Businesses: ACT NOW!

Small Businesses: ACT NOW! New Funds are Available. Act fast to get your slice of additional SBA funds. An additional $484 billion in COVID-19 small business assistance is now available, including $310 billion in new money for the Small Business Administration’s (SBA) Paycheck Protection Program. Get your Paycheck Protection Program (PPP) loan application in now If your business has not already done so, you need to get your Paycheck Protection Program (PPP) loan application in

Protect Your Video Conference Meetings

Protect Your Video Conference Meetings. An Avalanche of new remote workers doing video conference meetings creates latest playground for hackers. Hackers have found their new playground amid the increased use of video conferencing during the coronavirus pandemic: Zoombombing! Zoombombing defined Named for the company Zoom, the unfortunate first high-profile victim of this phenomena, zoombombing occurs when internet trolls hack video conference meetings and join as uninvited attendees. After infiltrating a meeting, the hackers then have

Gusto Payroll

Gusto Payroll Company. Gusto Payroll is a company that provides a cloud-based payroll, benefits, and human resource management software for businesses. They handle payments to employees and contractors and every time you run payroll they will calculate your taxes and file them with the right government agencies. As part of the core payroll product, Gusto offers employee onboarding (work authorization forms, direct deposit forms, employee information aggregation). Separately, Gusto offers employee health insurance, dental insurance, and