Insights
Is your business underusing its accounting software?
Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists. What you may be underusing, as a business owner, is your accounting software. Much…
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5 tax considerations when moving a parent into a nursing home
When transitioning your parent into a nursing home, taxes are probably the last thing on your mind. But there are a number of tax implications you should be aware of during this process. Here are five: 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses…
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5 ways to take action on accounts receivable
No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five…
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Getting a new business off the ground: How start-up expenses are handled on your tax return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know…
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2021 Q3 Tax Calendar
2021 Q3 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 third quarter of 2021. 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…
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Claiming the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the Employee Retention Tax Credit in the CARES Act to encourage employers…
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“Dirty Dozen” Tax Scams for 2021
The IRS is releasing its “Dirty Dozen” Tax Scams for 2021. See below for information from the IRS on the top tax scams and how to recognize them. For more information visit the complete Dirty Dozen list. Fake charities Scams requesting donations for disaster relief efforts are especially common on the phone. Taxpayers should always…
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When does a hobby become taxable?
Do you have a hobby that pays the bills? During the uncertainty of the last year and a half, many people have turned a hobby into a source of income. If so, that income must be reported on tax returns. Deductions & Reporting The extent to which you can deduct expenses related to the activity…
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Employee Retention Credit Summary
2020 Highlights: An employer becomes eligible if they: can demonstrate a 50% or more decline in gross receipts in any quarter of 2020, compared to the same quarter in 2019 eligibility ends the last day of the first subsequent quarter when gross receipts return to at least 80% compared to the same quarter in 2019…
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Farm Use Valuation
The reporting period for Farm Use Valuation is open from July 1, 2021, until September 1, 2021. Each year the reporting period runs July 1st through September 1st. You may file this report electronically or as a paper copy. You might receive a pre-printed copy from your County Assessors’ office if you filed in 2020.…
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