Here are five reasons to outsource an accountant for you small business: 1. Saves You Money Saving money is arguably the number one reason why you should outsource your small business accounting services. With outsourced accounting services, you don’t need to worry about renting extra office space to house the accounting department or purchasing accounting …
Month: November 2020
Age (not death!) and Taxes
Age does matter, when it comes to tax obligation One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on you or your dependents’ age. To help you navigate through some of this maze here is a chart that outlines key ages and …
Lower Your Taxes THIS YEAR!
Here are 6 ideas that most people can use While 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer's …
Great Cost Cutting Ideas for Small Businesses
Cutting business expenses is a necessity for all companies, but especially now with the uncertainty caused by the ongoing pandemic. Here are some ideas to help tighten your belt, outside of the tough personnel decisions. Credit card interest rates. Interest rates are at historic lows and all your debt facilities should be reflecting this new rate …
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Get Your Business In Shape With an Internal Audit
When you hear the word audit, what comes to mind? Sharp-eyed accounting nerds digging through business records and interrogating staff? Disruption of your routine at the busiest time of year? Although audits by external accounting firms can be time-consuming and sometimes difficult, firms often reap substantial benefits by identifying and correcting problems before outside auditors …
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Partnerships and S corps. can deduct state and local taxes
In a taxpayer-friendly development, the IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct "specified income tax payments" paid to state and local governments above the line and not as passthrough items for partners and shareholders. Notice 2020-75 defines the specified income tax payments as any amount a partnership or an S …
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What Is Form 1099-NEC?
The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. This was done to help clarify the separate filing deadlines on Form 1099-MISC and the new 1099-NEC form will be used starting with the 2020 tax year. There is a new tax …
This Estate Planning Mistake Could Cost You Thousands
While you may never need to worry about forking over an estate tax payment to the federal government, there is a financial trap hidden within your estate that could bite you big time. Spend a few minutes with the following example to see where you could get tripped up by a simple mistake that could …
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IRS Releases Key 2021 Tax Information
The IRS recently announced key tax figures for 2021, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 37 percent. Each of the income brackets …
Tips to Organize Your Tax Records Creating order out of chaos
As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. Keep it all in one place. It seems obvious, but how often have you found yourself going through piles of paper looking for that elusive 1099 tax form or charitable deduction …
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