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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

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

2020 Tax Withholding: the New Form W-4

Posted by Taylor Bennett on Mar 2, 2020 8:02:00 AM

Form W-4, Employee's Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee's marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker's expected filing status and standard deduction for the year. Furthermore, workers can also choose to have itemized deductions, the Child Tax Credit, and other tax benefits reflected in their withholding for the year.

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Topics: Taxes, Managing Your Tax Liability, Tax Preparation

Starting a Home-Based Business

Posted by Taylor Bennett on Jan 28, 2020 8:24:00 AM

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs - home-based business people.

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Topics: Business Ownership, Small Business, Business Expenses

Choosing a Legal Entity for Your Business

Posted by Taylor Bennett on Dec 23, 2019 8:15:00 AM

If you've decided to start a business, one of the most important decisions you'll need to make is choosing a legal entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you could face. Even if you've been in business for a number of years, it's a good idea to periodically reevaluate your business structure because, as we all know, tax laws can change and that business entity you chose when you first started out may not be the best option ten years later. For example, if you operate your business as a sole proprietor, you must pay a self-employment tax rate of 15% in addition to your individual tax rate; however, if you were to revise your business structure to become a corporation and elect S-Corporation status you could take advantage of a lower tax rate thanks to tax reform.

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Topics: Business Ownership, Small Business, Financial Success

How the Sharing Economy Affects Your Taxes

Posted by Taylor Bennett on Dec 19, 2019 8:16:00 AM

If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's no need to worry about the tax implications.

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Topics: Taxable Income, Personal Finance, Taxes