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Organized Business Records Save Time and Money
Here are some suggestions to help you master the art of documenting and organizing your business now and in the future. Document policies and procedures. Write down daily responsibilities, skills needed to complete tasks related to these responsibilities, and the location of all paper and electronic files. Appoint and cross-train backup staff to ensure these daily […]
Be Prepared For These Pandemic-Related Tax Surprises
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Please note: This information may change with ongoing legislation. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. […]
4 Ways to Make Sure Your Tax Return Doesn’t Get Stuck
Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed. Keep tax documents in one place. Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax documents in this one place as […]
2021 Retirement Limits
As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for 2021: Take action If you have not already done […]
PPP Loan Expenses Are Now Tax Deductible
If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the CARES Act in March 2020 to help businesses which were adversely […]
Ideas to Help the Virtual Learning Challenge
Virtual learning is a way of life again for many kids as we head towards winter. Mayo Clinic psychologist Dr. Craig Sawchuk says that families will need to adapt to changing circumstances this school year. “We’ve all been dealing with uncertainty,” Sawchuk said in a recent Mayo Clinic Q&A podcast. “We need to be flexible […]
A Happy Banker Makes for a Happy Business
With the onset of COVID-19, small business banks are more nervous about potential loan losses than ever. Here are several tips for your business to maintain a great working relationship with your lender. These same tips can also be used if you want to plant seeds with your banker for potential future loans. Produce timely […]
Common IRS Surprises
No one likes surprises from the IRS, but they do occasionally happen. Here are some examples of unpleasant tax situations you could find yourself in and what to do about them. An expected refund turns into a tax payment. Nothing may be more deflating than expecting to get a nice tax refund and instead being met […]
Turn Your Home Office Into a Tax Deduction
If you are working from home for the first time in 2020, you may be wondering if your home office is tax deductible. The bad news? If you’re working from home for an employer, you normally can’t deduct your home office expenses. Here’s a quick look at the basic requirements to be able to deduct […]