Plan Your 2021 Retirement Contributions

With the setting of contribution limits to qualified retirement plans for 2021, now is a good time to plan for your upcoming retirement contributions. As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial …

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Four Tax Moves to Make Before 2020 Ends

As 2020 is coming to a close, here are four tax planning moves you should consider. Here are a few time-tested tax strategies to consider as we head towards the end of 2020: Maximize retirement plan contributions. You’ve heard this advice many times, because it’s one of the best strategies for saving tax dollars, especially when …

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Turn Your Home Office Into a Tax Deduction

Turn your home office into a tax deduction. Also read about common IRS surprises, how to use depreciation to manage your business's profit margin and ideas to help your kids with virtual learning. If you are working from home for the first time in 2020, you may be wondering if your home office is tax …

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5 Reasons to Outsource Your Accounting

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 …

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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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