For Businsess
Does Your Business Need to File Forms 1099-NEC or 1099-MISC?
Article Highlights: 1099-NEC Filing Requirements Independent Contractor Filing Threshold Form W-9 Form 1099-MISC If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022,…
Read MoreHobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes
Article Highlights: Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this…
Read MoreJune 2020 Tax Due Dates
June 2020 Individual Due Dates June 1 – Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2019. The FMV of an IRA on the last day of…
Read MorePost-Pandemic Trends Shifting the Economy for Small Businesses Everywhere
While it’s absolutely true that the ongoing COVID-19 pandemic has created significant challenges for small and large businesses alike, there are also some changes happening that can be viewed as less negative. Behaviors have changed during the Coronavirus outbreak, and some of these could end up being positive for small businesses in particular moving forward.…
Read MoreIRS Guidance: PPP Loan Expenses Not Tax-Deductible
On April 30th, the IRS released guidance announcing that expenses related to Paycheck Protection Program (PPP) forgivable loans will not be tax-deductible. The PPP was originally created as part of the CARES Act, a $2.2 trillion coronavirus relief bill. The program provides low-interest loans to small businesses that will be forgivable as long as the…
Read MoreTips to Keep Your Business Afloat During COVID-19
COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take…
Read MoreWhy You Need a Financial Advisor Even More in Uncertain Times
We are living during a period of trying, uncertain times. The current outbreak of the Coronavirus disease (COVID-19), has had a significant impact on the way we go about our daily lives. From how we work, to how we live, to how we relax, no aspect of our lives has gone untouched. With a potential recession on…
Read MoreHow to Clean Up QuickBooks for 2020
We know December is a busy month. However, take some time now to make sure QuickBooks is ready for 2020. Yes, it’s here again: the end of the year. You probably have a lengthy to-do list full of tasks that must be done before December 31. There’s one task—or rather, a series of tasks—that you…
Read MoreDon’t Overlook These Essential Small Business Tax Credits
At their core, tax credits are a very particular type of benefit designed to offset the actual tax liability associated with SMBs around the country. This isn’t the same thing as a tax deduction, which lowers that business’s actual income. Tax credits are typically offered to incentivize everything from hiring more workers in order to…
Read MoreHobby or Business? It Makes a Difference for Taxes – Now More than Ever
Article Highlights: For-Profit Businesses Not-for-Profit Businesses Nine Determining Factors Profit Presumption Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences are: For businesses entered into…
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