If you have a household employee

The Household Employee Problem. Nanny Tax. This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. It ended a run for Congress by Caroline Kennedy (JFK’s daughter) and killed a U.S. Attorney General nominee’s chances for appointment. Could you be impacted? This is what you need to know. Nanny Tax Explained In an effort to capture income from household employees, the tax code requires you to

Coronavirus (COVID-19) Legislation—Businesses

Coronavirus (COVID-19) Legislation for Businesses. Legislation for Businesses. Recent legislation, such as the Families First Coronavirus Response Act and the Coronavirus, Aid, Relief, and Economic Security (CARES) Act has provided some financial and tax relief for certain taxpayers. The following is a summary of some of the provisions. Filing and Payment Deadline The April 15, 2020 due date for a C corporation federal income tax return or payment is now July 15, 2020. With the

There’s still time to apply for the PPP loan

  There’s still time to apply for the PPP loan. If you have not applied for a small business Payroll Protection Program loan through your bank, you should still strongly consider doing so now. Important! PPP Loan Application NEW DEADLINE! August 8 – Paycheck Protection Program loan application deadline is now extended Must Read for Small Business Coronavirus Loans. The rush to get this program up is understandably confusing and chaotic. If you wish to get

Keep track of business vehicle expenses

Are you asking yourself, How do I keep track of business vehicle expenses?  Well you are in luck! We have listed 2 methods. You can use either of two methods to account for your deductible business use of a vehicle.  1. Actual expenses. The first and most cumbersome is to keep track of all your expenses, such as gas and oil, license, insurance, and repair bills. You total all your expenses and take a percentage of

New employer tax credit 2020

Who qualifies for which new employer tax credit? Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals.  Here’s a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through Dec. 31, 2020. Credits for paid sick and family leave Businesses and tax-exempt organizations that have less than 500 employees and provide one or both types of leave can claim the refundable

From small tasks to major projects in 2020

From small tasks to major projects, Evernote is where you’ll achieve your best work, day in and day out for all your small tasks and major projects. As one workspace that lives across your phone, tablet, and computer, Evernote is the most productive office for modern teams. Write free from distraction, collect information, find what you need, and present your ideas to the world—all more efficiently than you ever imagined, giving you more time to

Fundera is the go-to financial resource 2020

Fundera is the go-to financial resource for every small business—helping you face your challenges, achieve your financial goals, and grow businesses as big as your aspirations. A common challenge my clients have been facing is how increasingly difficult it has become to get a loan through traditional banks. A new industry of non­-bank lenders have stepped in to fill the credit gap. Therefore business owners can get the capital they need. However, this new landscape

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