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Facts About Capital Gains and Losses

Posted by Taylor Bennett on Jun 18, 2020 8:27:00 AM

When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and losses can affect your federal income tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Rental Real Estate, Home Ownership

Cash Management Tips for Small Businesses

Posted by Missy Dennis on Jun 10, 2020 8:26:00 AM

Cash is the lifeblood of any small business. Here are some tips to help your business maintain a sufficient cash flow to meet its financial goals and run efficiently:

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Topics: Business Ownership, Small Business, Financial Success, Collection Procedures

Relief for Businesses with Net Operating Losses

Posted by Taylor Bennett on May 27, 2020 8:01:00 AM

Taxpayers with net operating losses (NOLs) for a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let's take a look at three key points:

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Topics: Business Ownership

New Tax Law Affects Tax-Exempt Organizations

Posted by Missy Dennis on Mar 31, 2020 8:06:00 AM

The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law changes might affect them. With this in mind, let's take a look at three key pieces of legislation that affect nonprofit organizations:

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Topics: Business Ownership, Taxes

Tips for Taxpayers Who Make Money From a Hobby

Posted by Scott Farnes on Feb 20, 2020 8:14:00 AM

Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report that income on their tax return.

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

Reminder: Use Correct Forms to Pay Employment Taxes

Posted by Scott Farnes on Jan 29, 2020 8:03:00 AM
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Topics: Business Ownership, Taxes, Small Business

Employer Benefits of Using the EFTPS

Posted by Missy Dennis on Dec 19, 2019 8:11:00 AM
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Topics: Business Ownership, Taxes, Small Business

Recordkeeping Tips for Small Business Owners

Posted by Taylor Bennett on Dec 12, 2019 8:18:00 AM
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Topics: Business Ownership, Record Keeping, Small Business

Updated Rules: Deductible Business & Other Expenses

Posted by Scott Farnes on Dec 11, 2019 8:44:00 AM
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Topics: Business Ownership, Taxes, Tax Deduction

Business Expense Deductions for Meals, Entertainment

Posted by Taylor Bennett on Nov 7, 2019 8:17:00 AM
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Topics: Business Ownership, Tax Deduction, Business Expenses

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