The impact of the COVID-19 pandemic has left millions of Americans on unemployment benefits—many of them for the first time. As businesses close or as they reduce their staff size, former employees are turning to unemployment income to make ends meet. But what many first-time...
The financial aspects of your business are often better left to a professional. By entrusting tasks like your bookkeeping and tax preparation to a professional business accountant, you give yourself more time to focus on the daily operations of your business and ensure that the...
The holiday season has officially arrived. And, while you may be focused on Christmas shopping, family gatherings, and holiday parties, it’s also a good idea to take some time to examine your taxes. Far too many people wait until the New Year to worry about...
Business ownership comes with many ups and downs, and sometimes, those downs may include a net loss for your company. If this is the first time your company has experienced a net loss, you may not be sure how this impacts your business’s taxes. Keep...
While most of the Tax Cuts and Job Act’s new tax laws went into effect in 2018, there was one major one that wasn’t yet applied: important changes to how alimony and other support payments are handled on your tax return. These laws went into...
Yesterday, the Labor Department made public a new final rule that will make it easier for small businesses to offer 401(k) plans to their employees. This rule will go into effect on September 30th, and will allow multiple small businesses to band together to offer...
Filing taxes for the wages you earned is relatively straightforward. However, if you’re an independent contractor or own your own business, things can get a bit trickier. If you’re feeling a bit daunted by the prospect of filing self-employment taxes, here are a few things...
One of the major tax law changes brought on by the Tax Cuts and Jobs Act was nearly doubling the standard deduction to $12,000 for individuals and $24,000 for married couples filing jointly. The law also placed a cap on many common deductions that taxpayers...
Most people don’t spend much time thinking about their taxes until January hits. But planning ahead and preparing well in advance of the tax year’s end can have enormous benefits for you. Not only will you likely find filing to be a lot simpler and...
Being selected for an IRS audit is a thought terrifying enough to make some people break out into a cold sweat. But it may not be as bad as you believe. Of course, nobody wants to be audited, but in most cases, the process is...
