Kristy Alballero

business partnership

Accounting for Your Partnership

Anyone in a successful relationship will tell you the secret is trust, respect, and separate accounts. Okay. Maybe not that last part. However, when your relationship is a business partnership, then tracking each partner’s contributions and distributions separately is necessary for maintaining accurate books. Let’s take a look at some of the different transactions that …

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Understanding Ppp Loan Forgiveness And Its Extension

what business expenses can I deduct from my taxes?

Business tax deductions can have a significant impact on the amount of taxes you owe but there are a few compliance rules you must follow. According to the IRS, expenses must be “ordinary and necessary” for your trade. Luckily, the IRS considers many expense categories ordinary and necessary, let’s break them down.    What types …

what business expenses can I deduct from my taxes? Read More »

Understanding Ppp Loan Forgiveness And Its Extension

Self-Employed: Are you claiming all of your expenses?

If you are a freelancer, sole proprietorship, Uber driver, contractor, subcontractor, you work for yourself, receive a 1099-MISC, you get the idea, and you have more than $5,000 in business expenses, then you will need to file Form Schedule C as part of your next tax return. Do not fret, though. We will break down the …

Self-Employed: Are you claiming all of your expenses? Read More »

Understanding Ppp Loan Forgiveness And Its Extension

Are you deducting the business use of your home on your tax return?

Do you use your home for your business? Do you want to claim the expenses associated with this business on your tax return? Like any corporation, you can claim a deduction for the use of space used for business, even if it’s in your home. If you are a bookkeeper, hairstylist, graphic designer, massage therapist, virtual …

Are you deducting the business use of your home on your tax return? Read More »

Understanding Ppp Loan Forgiveness And Its Extension

7 Things You Need to Know About the R&D Credit for Your Startup

Tax time is here! As a taxpayer, both for your personal finances and for your business, you probably want to take advantage of every credit and incentive possible. There are lots of incentives for larger firms that are well-known, so as a smaller startup, you may think that you’re not eligible for much. But there’s …

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Understanding Ppp Loan Forgiveness And Its Extension

Understanding PPP Loan Forgiveness and Its Extension

The Paycheck Protection Program  The Paycheck Protection Program (PPP) has incentivized businesses to keep employees on their payrolls, thus making a substantial, positive impact on the economy throughout the downturn that the coronavirus pandemic has initiated. This is a groundbreaking program, and for entrepreneurs everywhere, it has represented an incomparable lifeline, enabling them to …

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