Do you know how to calculate estimated tax payments? You owe quarterly payments if you receive any income from which the tax isn’t already withheld (which is most paychecks). Because the IRS will charge fees for underpayment it’s important to pay the correct amount. Many of our clients use us to help estimate their payments…
Details
Many private company owners who borrowed Paycheck Protection Program (PPP) funds have questions on how to account for the initial loan and subsequent forgiveness. Primarily, does the accounting follow existing debt guidance, or is the loan, in substance, a government grant? Two methods are available to you as a result of two different accounting standards.…
Details
You might not know that in addition to the typical investments in stocks, bonds, and mutual funds, you’re allowed to hold almost any type of asset in your retirement account (with the exception of collectibles, precious metals, and life insurance.) Holding real estate in IRAs is a great option for many investors. Tax Benefits To…
Details
Is your activity a hobby or business? Do you want to write off expenses from your hobby? Do you want to turn your hobby into a business? Tax-wise, it can be beneficial to turn your hobby into a business because you can write off losses and expenses. The IRS has a checklist for determining the…
Details
Your teenager needs a summer job and it just so happens that you have some clerical work at the office that needs to be done. Sounds like a perfect match? It might be just that. There may be some cost advantages available if you’re a sole proprietor and considering hiring your child as an employee…
Details
It’s Monday – Back to Business. If you’re thinking about hiring an accountant, consider the types of professionals that are out there. Everything a company does or does not do translates into either a dollar or lack thereof. If you’re in the process of hiring internal accounting staff understanding the level of skill you’re getting will be…
Details