by Admin | May 26, 2022 | Business Taxes, Tax Planning
Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the virus, new businesses will be opening as the economy returns to near normal. ...
by Admin | May 24, 2022 | Business Taxes, Individual Taxes, Tax Planning
There’s an old saying that reminds us “if you fail to plan, you plan to fail.” Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren’t just an...
by Admin | May 19, 2022 | Business Taxes, Tax Planning
Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’ individual tax returns on a pro rata basis....
by Admin | May 17, 2022 | Business Taxes, COVID-19, Entrepreneurial, Individual Taxes, Marketing, Tax Planning
To say that there is a lot going on in the world right now is truly a bit of an understatement. Starting a few years ago with the onset of the still ongoing COVID-19 pandemic, the role of the accounting professionals in the context of a small business began to change....
by Admin | May 5, 2022 | Business Taxes, Tax Planning
If you are a small business owner and use part of your home for business, you may be able to take the so-called office-in-home tax deduction. This deduction reduces both income and self-employment taxes. While the term “home office” is used to describe when a taxpayer...
by Admin | Apr 28, 2022 | Business Taxes, Individual Taxes, Tax Planning
If you are considering purchasing an electric vehicle and expect to receive a federal tax credit along with the purchase, you better do your homework first. There is a phaseout that is based on a manufacturer’s sales of electric vehicles that impacts the credit...
