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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 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

Selling a Business: Which Option Is Right for You?

Posted by Scott Farnes on Sep 3, 2020 7:59:00 AM

Selecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you.

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Topics: Business Ownership, Retirement, Financial Success

Small Business Financing: Securing a Loan

Posted by Scott Farnes on Aug 4, 2020 8:11:00 AM

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.

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

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

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

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

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

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