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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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 …

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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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Fed opens up Main Street loans to smaller businesses

The Federal Reserve Board on Friday announced changes designed to make Main Street Lending Program loans available to smaller businesses and not-for-profits. Specifically, the board reduced the minimum loan amount on three of the five Main Street loan facilities from $250,000 to $100,000. To encourage provision of the smaller loans, the board waived transaction fees for all …

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