filing your 2019 tax return early

The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax […]

New law provides a variety of tax breaks to businesses and employers

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension […]

5 ways to strengthen your business for the new year

The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both: 1. Compare […]

Your home office expenses may be tax deductible

Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it. Regularly and exclusively In order to be deductible for 2019 and 2020, you must […]

How to Get the Perfect Home-Based Business Setup

Home Office

While there are many perks to establishing a home-based business, you’ll find that there are unique challenges in deciding to work at home. Whether you’re buying or building a new space to work from, there are a few strategies that can help you achieve the perfect setup. The basics are below but you can also […]

Small Businesses: It may not be not too late to cut your 2019 taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: 1. Buying assets.Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in service […]

Do you have a side gig? Make sure you understand your tax obligations

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income […]

2020 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]

3 Accounts Receivable Management Strategies for Construction Companies

Late payments are the bane of many businesses in the construction industry. And in huge and complex construction projects, the process of invoicing and receiving payment is not a simple matter. The hierarchical structure of the payment process and the number of stakeholders make the industry prone to numerous payment issues. Because of this, dealing […]

Small businesses: Get ready for your 1099-MISC reporting requirements

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time consuming and […]