PPP Loan Forgiveness Creates Tax Issues In normal business times, remember those days, if a company’s lender forgave a debt of at least $600, the company had to treat that as income. Also, in typical times, the IRS required lenders…
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QBI Deduction for Small Business: What it is and How to Claim It
Overview of the Qualified Business Income (QBI) Deduction in 2020 In December 2017, Congress created a special tax treatment for pass-through companies (subchapter S corporations, LLCs, partnerships, and sole proprietors). We wrote an initial post on how QBI reduces taxes…
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…
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
2019 Business Tax Deadlines for VA, MD, and DC
January is a good time to record the due dates for important business taxes in the coming year. We list below important due dates for Virginia, Maryland, and the District of Columbia. If you need additional information, we also…
Improve the Profitability of Your Business in 2019
10 Tips for Improving Your Company’s Profitability If you want to improve the profitability of your business next year, you are not alone. Accounting Today recently surveyed 1,000 small business owners and leaders. The survey asked respondents to list their top…
Posted in Small Business Accounting Tips
2018 Year-End Tax Strategies for Small Businesses
4 Year-End Tax Strategies for Small Businesses November is a great time to take stock of your company’s year-end tax situation. You still have time to make some adjustments to minimize taxes. The Tax Cuts and Jobs Act (TCJA) included…