Wondering if you need to file estimated tax payments? Consider the fact, they are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Who needs to file estimated tax payments Employees …
For Business
What Entrepreneurs Can Learn From The Overnight Success Story Of Wordle
The sweet, love based story of Wordle is unique in that so few things have captured the attention of so many people in recent memory. It’s one part crossword, one part Sudoku. It reminds me of Boggle (which I played with my family growing up), but it’s so much quieter. In Wordle, players have to …
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Hobby Or For Profit? The Answer Makes A Big Difference For Tax Purposes
Engaged in an activity that produces income? If so, the big question is whether the activity is a hobby or for profit. The tax treatment of your income or loss from your endeavor hinges on the answer. The tax code, Section 183 limits deductions when an activity is not engaged in for profit. The result? …
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Now’s The Time To Brush Up Your Bookkeeping Habits
Have you taken a good, hard look at your bookkeeping habits lately? The beginning of the year is a perfect time to consider brushing up your bookkeeping habits. Ever found yourself shaking your head at your own process? The beginning of the year is the perfect time to correct inefficiencies and counter oversights. There’s no …
Strategic Preparation is Key to Selling Your Company
Planning on selling your company in the near future? Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty of research, preparation, and hard work. However, of those considering …
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Does Your Business Need to File Form 1099-NEC Or 1099-MISC?
Debating if your business needs to file form 1099-NEC or 1099-MISC? Let’s discuss the requirements of each. Reasons to File Form 1099-NEC If you use independent contractors to perform services for your business – the answer is yes for form 1099-NEC. For each contractor that you pay $600 or more for the year, you are …
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Congress Terminates the Employee Retention Credit Early
Curious about the employee retention credit? Here’s an overview of what it is, and some challenges it has caused. President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively terminated the employee retention credit (ERC) early. The credit was previously available …
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Businesses Facing Challenges as They Adapt to Remote Workers
Adapting to remote workers has been the greatest challenge for businesses, especially managers, in 2021. According to one recent study, nearly half of all employees switched to working remotely in 2020 during the onset of the COVID-19 pandemic. Almost overnight, local and state lockdowns went into effect on all services deemed non-essential. This means that …
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Is a SEP Retirement Plan the right answer for you?
Considering the SEP retirement plan as an option? Like many small business owners, you probably find yourself very busy in the wake of the COVID slowdown. But that is not a valid reason to neglect your future. Especially as there are a number of retirement plans available, including Keogh plans and 401(k)s. However all in …
