If you do your best business deals over a good meal, you’re in luck. In an effort to boost the struggling restaurant industry, the business meal deduction has been temporarily increased from 50% to 100% with the passage of the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Here is how you can take …
Tax season is in full swing and, for some, is coming to a close next week. This tax season has had several changes, updates, and extensions. Let’s take a look at some important dates so you can determine which applies to you. April 15, 2021 First quarter estimated payments are due. If your business is …
If you’ve never heard of the ERC, in short, the Employee Retention Credit (ERC) is an incentive for small businesses to retain employees through COVID-19 restrictions and shutdowns. This credit provides eligible employers a refund on their payroll expenses, such as Medicare and SS taxes, and can be as much as $14,000 per employee. Here’s …
With tax season in full swing, we want to revisit a very helpful credit contained in the Families First Coronavirus Response Act (FFCRA). If you are a small business owner, sole proprietor, or freelancer, you are not typically eligible for any type of sick leave, but the FFCRA changes that, at least as it relates …
If you have considered applying for the PPP Loan, it’s time to turn thought into action. The Paycheck Protection Program expires on March 31st. Even if you did not previously qualify, due to recent expansions, you may qualify now. Here are some things you should know about PPP Loans. What to expect from the PPP …
If your business is an S-corporation or a partnership, the deadline to submit your business tax return is Monday, March 15th. If you live or have business in Texas or Oklahoma, then the recent winter storm has bought you some time. Following the disaster declaration issued by FEMA, the IRS has extended tax deadlines until …
Saturday morning, the U.S. House of Representatives passed the American Rescue Plan Act of 2021, a $1.9 trillion COVID-19 relief package that includes, along with stimulus payments and unemployment, tens of billions in aid for small businesses and not-for-profits. Now it goes to the Senate. Let’s see what this could mean for small businesses if …
The gig economy is constantly changing and growing. From side hustles to a primary source of income, many people have turned to gig work due to its flexibility, accessibility, and increased demand. Whether you are a ride share driver, personal shopper, pick up freelance work, or tutor online, if you earn income, you must report it. …
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 …
Business taxes The IRS will begin accepting electronic tax returns on Friday. If you are self-employed, a gig worker, or a new business owner, you may be wondering exactly how to go about filing your business taxes and your personal taxes. Let’s take a look at some things you need to know. Sole Proprietorship. As a …
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 »
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 »
Starting a business is the biggest roller coaster you will ever ride. There are more downs than ups, and the ups never last long. In the show Mad Men, Bert Cooper tells Don Draper when they re-launch their ad agency, “You’re going to need a stronger stomach if you’re going to be in the back kitchen seeing how …
There are many decisions you need to make when starting a business. One such decision is deciding the business structure for your business. To select the right structure, you must understand what it is and how it can benefit your business. A business structure is a legal category that defines how you and your business …
Technology has brought us conveniences Remember when a public phone was the way to make a phone call outside of your home or office? Now you text, call, video chat from anywhere with your smartphone. How about when you went to Blockbuster to rent a movie? Options like Netflix, Hulu, Apple TV, etc. allow us …
The One Thing You Should Do to Boost Your Business Read More »
Are you putting enough money aside to pay taxes for your side gig or small business at the end of the year? If you are starting a business, you might not be thinking about taxes due at the end of the year. Postponing tax planning is a common mistake entrepreneurs and growing companies make. Taxes are there at every …
3 Tips to Avoid Tax Surprises at the End of the Year Read More »
The real estate profession is a desirable sought-after career. It provides flexibility to create your own schedule, has unlimited income potential, and you get to help make dreams come true. But like any freelancer career, you have to track your income and expenses. The good news is that most independent contractor real estate agents don’t have to …
There are some changes to the tax law that will affect your 2019 business return. We have identified the top five changes that you need to be aware of for your business. Being a small business owner, entrepreneur, or freelancer has its benefits. You own your time, and you love what you do. You can also take advantage of …
We all grew up thinking that taxes are complicated and that an expert was needed to calculate them. Or we thought that by merely making a mistake, the IRS would take everything we had and throw us in jail. Refusing to pay taxes can still land you in the slammer. You could also end up …
In some ways, Texas comptroller statutes are crystal clear about which goods or services require the collection of sales and use tax. However, when it comes to SaaS, cloud computing, and electronically downloaded software, the rules become more complex. When do you need to collect sales tax on these types of transactions? Here’s what you need to …
As we begin to close out the year, a common question I get from first-time business owners is, “How will I deduct my start-up business cost?” Before we go into the explanation of how to report expenses, let’s first understand what the IRS calls “start-up cost.” The expenses you incur during the planning stages of your business and …
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 »
f I had a nickel for each time I heard business owners and taxpayers say “taxes are so complicated” or “filing my taxes just takes too long,”. I would not be writing this article. I know, I know. Our parent’s accountants always told us that bookkeeping and accounting are way too complicated. And only they …
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 …
7 Things You Need to Know About the R&D Credit for Your Startup Read More »
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 …
Understanding PPP Loan Forgiveness and Its Extension Read More »