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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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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

Tax Extenders, Retirement Plan Changes, and Repeals

Posted by Missy Dennis on Mar 6, 2020 8:10:00 AM

The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here's what you need to know:

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Topics: Business Ownership, Personal Finance, Taxes, Retirement, Tax Return, Tax Preparation

ACA Reporting Requirements for Employers

Posted by Missy Dennis on Feb 19, 2020 7:51:00 AM

The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of minimum essential coverage.

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

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