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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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Taylor Bennett

Taylor Bennett

Recent Posts

Small Business Update: Payroll Tax Deferral

Posted by Taylor Bennett on Sep 8, 2020 8:07:00 AM

On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020, and also applies to the employee portion of the Railroad Retirement Act Tier 1 tax.

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Topics: Business Ownership, Taxes, Small Business

Tax Breaks for Teachers and Educators

Posted by Taylor Bennett on Aug 26, 2020 8:11:00 AM

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return.

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Topics: Taxes, Record Keeping, Tax Deduction

Dirty Dozen Tax Scams: 2020 Edition

Posted by Taylor Bennett on Aug 12, 2020 8:06:00 AM

The "Dirty Dozen" is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should be on guard, especially vulnerable populations such as the elderly.

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Topics: Taxes, Tax Scam

Paying off Debt the Smart Way

Posted by Taylor Bennett on Jul 29, 2020 8:10:00 AM

With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people - especially those of pre-retirement age. Instead, it's better to start by focusing on managing debt. When you handle debt wisely, you won't have to shell out every cent of your hard-earned money to your lender or feel like you're always on the verge of bankruptcy.

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Topics: Personal Finance, Financial Success, Debt

Preparing an Effective Business Plan

Posted by Taylor Bennett on Jun 25, 2020 8:04:00 AM

A business plan is a valuable tool whether you're seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to gain a thorough understanding of how resources (financial and human) will be used to carry out that vision and goals.

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Topics: Business Ownership, Small Business, Financial Success

Loan Forgiveness Under the Paycheck Protection Plan

Posted by Taylor Bennett on Jun 4, 2020 8:43:00 AM

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for - and receive - a loan of up to $10 million under the Paycheck Protection Program (PPP). If the loan proceeds are used as specified, business owners may apply to have the loan forgiven.

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Topics: Business Ownership, Small Business, Business Expenses, Loans

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

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

Worker Classification: Employee vs. Contractor

Posted by Taylor Bennett on Mar 30, 2020 8:01:00 AM

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees.

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Topics: Business Ownership

It's Not Too Late to Make an IRA Contribution

Posted by Taylor Bennett on Mar 19, 2020 8:14:00 AM

If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date, not including extensions.

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Topics: Personal Finance, Taxes, IRA, Retirement, Tax Deduction