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How to Determine and Take Your RMD

Take Your Required Minimum Distribution Correctly or Face Penalties You Must Withdraw the Correct RMD Each Year or Face Stiff Penalties After you reach age 72 (70½ if you were born before July 1, 1949), the IRS requires you to

Posted in General Tax Tips & News

New Programs Help Employers Retain Employees During Pandemic

This month The U.S. Treasury and Small Business Administration (SBA) launched two new programs to help small businesses hurt by the COVID-19 pandemic. You can view two web pages describing these programs at the following links Paycheck Protection Program (PPP)

Posted in General Tax Tips & News

Overlooked Tax Deductions and Tax Credits Can Reduce Your Tax Bill

Don’t Overlook These Six Deductions When You File Your 2019 Taxes Tax day is coming soon. Make sure you take all the tax credits and tax deductions you can to keep more of your hard-earned money. We list below some

Posted in General Tax Tips & News

Inherited Money is Tax-Free for Many

Do You Owe Tax on That Inheritance? You just learned that Aunt Millie left you $40,000 in cash in her will. You’re delighted with the news and then comes the question “Do I owe tax on that”? In most cases,

Posted in General Tax Tips & News

Small Business Year-end Tax Tips and Strategies

Tax strategies for small business owners for year-end 2019 As we close out the calendar year, it’s a good time to review your business’s tax situation. This is a great month to estimate your tax bill for the year and

Posted in Small Business Accounting Tips

How to Recession-Proof Your Business for 2020

Recession-proof Your Business Before the Next Downturn Most financial experts and business economists agree that the U.S. is due for a recession. In June 2019, a survey conducted by the National Association for Business Economics estimates the risk of a

Posted in General Tax Tips & News, Small Business Accounting Tips

Managing Employee Travel and Entertainment Expenses

How to manage employee travel and entertainment expenses September marks the back-to-school season. This time of year many businesses also ramp up business activities. As employee activity increases, they often incur expenses to travel to meetings, client offices, conferences, training

Posted in Small Business Accounting Tips

Deducting Ordinary and Necessary Business Expenses

To Be Deductible Expenses Must Be Ordinary AND Necessary to Running the Business The IRS defines allowable business expenses as those expenses that are the ordinary and necessary expenses for carrying on a trade or business. Business owners and tradespeople

Posted in Small Business Accounting Tips

Use KPIs to Review Your Mid-Year Financial Performance

How to use Key Performance Indicators (KPIs) to review your company’s mid-year financial performance July is a great time to take stock of how well your company is performing. With six months to go until year’s end, you have time

Posted in Small Business Accounting Tips

How to Take Income from Your Small Business

Do you know the best way to take income from your small business? When many folks talk about a business owner’s income, they mention the word “salary”. Not every business owner takes a salary.  Many factors influence how business owners

Posted in General Tax Tips & News, QuickBooks tips

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