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 …
Category: Miscellaneous
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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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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Social Security Benefits Increase in 2021
With all the talk during the pandemic to save money, it is possible to go too far. Included here are some ideas to make sure this does not happen to you. The Social Security Administration recently announced its 2021 cost of living adjustments. More wages will be taxed and retirement checks will go up. The …
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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IRS extends deadline to claim missing $500 stimulus check payment for kids. What to know
After setting a Sept. 30 deadline to file for a catchup payment for qualified child dependents who were left off your initial stimulus check, the IRS has decided to give you more time. You'll now have until Nov. 21 to make a claim if you want to receive that money before the end of 2020. This isn't extra …
Is a Tax Trap Lurking in Your Paycheck?
Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. This deferral of the employee's portion of Social Security will raise your paycheck temporarily until January, 2021. Beginning in 2021, the …
Is a Tax Time Bomb Lurking in Your Paycheck?
Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee could raise your take home pay temporarily until …
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