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Avoiding surprises as a business owner is crucial to ensure you have a successful business. The same goes for managing your personal finances. By subscribing to our blog and newsletter you get the latest updates on the world of finance and taxes. Additionally, by visiting our main topic categories below you can educate yourself on the various topics regarding tax education, personal finance, and business ownership. 

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Small Business: Tax Consequences of Crowdfunding

Posted by Missy Dennis on May 28, 2020 8:26:00 AM

With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it's often possible to raise the cash you need; the downside is that the IRS considers that money taxable income. Let's take a closer look at how crowdfunding works and how it could affect your tax situation.

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Topics: Taxable Income, Business Ownership, Taxes, Small Business

Employee Retention Credit Could Help Your Business

Posted by Missy Dennis on May 19, 2020 8:11:00 AM

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer.

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Topics: Business Ownership, Taxes, Tax Credit, Small Business, Business Expenses

Job Loss Could Affect Your Tax Situation

Posted by Taylor Bennett on May 14, 2020 8:37:00 AM

If you've lost your job you may have questions about how it could affect your tax situation. Here are some answers:

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Topics: Taxes, Tax Return

Additional Tax Deadlines Extended

Posted by Scott Farnes on May 5, 2020 8:09:00 AM

As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions:

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Topics: Taxes, Tax Extension, Tax Return, Tax Preparation

The Tax-Smart Way to Loan Money to Friends & Family

Posted by Taylor Bennett on Apr 29, 2020 8:19:00 AM

Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

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Topics: Personal Finance, Taxes, Managing Your Tax Liability

Relief for Other Coronavirus-related Tax Issues

Posted by Missy Dennis on Apr 21, 2020 8:16:00 AM

Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative. The projected start date will be April 1 and the effort will initially run through July 15, 2020. During this period, to the maximum extent possible, in-person contact will be avoided; however, the IRS will continue to take steps where necessary to protect all applicable statutes of limitations.

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Topics: Taxes, Tax Return

Tax Breaks Help Small and Medium-sized Employers

Posted by Scott Farnes on Apr 16, 2020 7:58:00 AM

Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed into law on March 18, 2020.

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Topics: Business Ownership, Tax Credit, Small Business, Business Expenses

CARES Act: Information for Individual Taxpayers

Posted by Missy Dennis on Apr 9, 2020 8:07:00 AM

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals.

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Topics: Personal Finance, Taxes, Tax Credit, Tax Return

2019 Tax Deadline for Tax Returns & Estimated Taxes Now July 15

Posted by Scott Farnes on Apr 7, 2020 8:02:00 AM

Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed.

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Topics: Taxes, Tax Return, Tax Preparation

New Rules for Depreciation and Expensing

Posted by Missy Dennis on Apr 2, 2020 8:23:00 AM

As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let's take a closer look:

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Topics: Business Ownership, Taxes, Managing Your Tax Liability, Small Business