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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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Taxable vs. Nontaxable Income

Posted by Missy Dennis on Feb 25, 2021 8:08:00 AM

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that.

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Topics: Taxable Income, Business Ownership, Taxes, Tax Return

Tax Filing Season Starts February 12

Posted by Missy Dennis on Feb 9, 2021 8:01:00 AM

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

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

Important Tax Changes for Individuals and Businesses

Posted by Missy Dennis on Jan 20, 2021 8:04:00 AM

Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation

COVID-related Tax Relief Act of 2020

Posted by Missy Dennis on Jan 12, 2021 8:01:00 AM

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020.

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Topics: Business Ownership, Personal Finance, Taxes, Small Business

Applying for Tax-Exempt Status as a Nonprofit

Posted by Missy Dennis on Jan 5, 2021 8:24:00 AM

If you're thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law governs nonprofit status. Nonprofit status is determined by an organization's articles of incorporation or trust documents while federal law governs tax-exempt status (i.e., exemption from federal income tax). Whether you're starting a charity, a social organization, or an association here are the steps you need to take before you can apply for tax-exempt status.

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Topics: Business Ownership, Taxes

Small Business: Deductions for Charitable Giving

Posted by Scott Farnes on Dec 22, 2020 8:04:00 AM

Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know.

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Topics: Business Ownership, Taxes, Tax Deduction, Small Business

Business Tax Provisions: The Year in Review

Posted by Missy Dennis on Dec 15, 2020 8:10:00 AM

Here's what business owners need to know about tax changes for 2020.

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

Investing in Opportunity Zones: The Facts

Posted by Missy Dennis on Nov 24, 2020 8:11:00 AM

The Tax Cuts and Jobs Act included numerous changes for businesses and individuals. One of these was the creation of the Opportunity Zones tax incentive, the purpose of which is to spur economic development and job creation in distressed communities by providing tax benefits to investors.

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Topics: Business Ownership, Taxes, Tax Return, Tax Planning

Year-End Tax Planning Strategies for Business Owners

Posted by Missy Dennis on Nov 18, 2020 8:09:00 AM

Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let's take a look:

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Topics: Business Ownership, Taxes, Small Business, Tax Planning

Tax Preparation vs. Tax Planning

Posted by Scott Farnes on Nov 4, 2020 8:31:00 AM

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look:

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation