On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021. Below is a selection of highlights of the Act that we would like to share with you. As always, we recommend that you consult with your tax professional regarding specific items that may benefit your business. PPP Loan Changes Expenses paid [...]
Keep these dates handy for your 2021 Accounting needs.
Prepare for Tax Time: Get it together now to make taxes as painless as possible Tax season is always a little hectic. With the rollercoaster that was 2020, this year is bound to be even more challenging (especially if your business took advantage of the PPP or EIDL programs). But there’s no reason to panic. [...]
If you want to grow your business, boost your performance, or even just survive an economic challenge like the one we’re currently facing with COVID-19, you need to measure your results. The old idiom “what gets measured gets improved” has never been more true than it is now. With the speed of our economy and [...]
Are You Ready for Tax Season? Here are 5 Big Benefits of Filing Taxes Early We all know the saying about death and taxes. Death can be a bit unpredictable, but taxes pop up like clockwork every April. But that doesn’t mean you should wait until April to get ready for tax filing. In fact, [...]
Bookkeeping can be an overwhelming job if you let it pile up. The longer you wait, the more work builds, and the harder it is to complete it. Not only that but if your bookkeeping isn’t timely, you won’t have the information you need to make wise business decisions. So, what should you do? Make [...]
Changes to the 1099MISC Historically, the 1099MISC was used to report Nonemployee Compensation. In 2020, the Nonemployee Compensation Box is being removed and moved to its own form, 1099NEC. This form was discontinued in the 1980s, but is being resurrected to make reporting nonemployee compensation easier and more efficient. The 1099MISC will have minimal changes [...]
As a business owner, bookkeeping and accounting can often feel like a chore. A necessary evil that you put off until the last minute and spend as little time as possible. But there are several ways bookkeeping and accounting can make your life easier and help you run a more successful, more profitable business. As [...]