Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure […]
Business meal deductions: The current rules amid proposed changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that has been proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business meal and entertainment deductions. […]
PPP Flexibility Act eases rules for borrowers coping with COVID-19
As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500 […]
Student loan interest: Can you deduct it on your tax return?
The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making […]
Did you get an Economic Impact Payment that was less than you expected?
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for […]
7 Questions to Ask Your Tax Accountant While Reopening for Business
Experts have estimated that over 40% of American businesses are considered to be exposed to a high level of risk from COVID-19. This includes businesses that have closed temporarily due to lockdown measures, as well as those whose operations will be threatened by a loss of confidence in the market going forward. If you’re planning […]
How to Find a Personal Tax Service for Entrepreneurs
At a 35% federal annual tax rate, American companies currently bear the most significant burden of taxation globally. This remains the primary reason most American entities opt to move their profitable ventures to countries with lower tax caps. However, for small and medium-sized businesses, their problems with taxation are not only about the total tax […]
Uh-Oh, Am I in Trouble? What to Do If You Received an IRS Audit Letter
In 2019, the audit rate declined to below .50%. People, however, are still concerned with getting audited by the IRS. People are concerned if they receive an IRS audit letter. If you do receive this letter, you might be wonder what will happen. You might wonder if you should be concerned if you have to pay more […]
How is COVID-19 Affecting the Role of Accounting in Healthcare Industries?
COVID-19 or coronavirus has wreaked havoc all over the world. It’s put extreme fear into people everywhere. It knows no boundaries and doesn’t discriminate. It’s also put a strain on accounting in healthcare. Sure, it’s more harmful to the elderly, but they’re not the only ones the virus has affected and infected. Industries have shut […]
How to Prepare a Business Proposal
There are over 30.2 million small businesses in the country. Of these, 64% start with only $10,000 in capital. While they aren’t getting off the ground with much money, what many of them do start with is a plan. Learning how to prepare a business proposal is essential if you want to start your business. This […]
