Small Business Health Quiz (Part 2)
Regardless of national events, or where things are with PPP and EIDL loans — as a business owner, it’s important that you take a REGULAR, clear-eyed look at the underlying legal and financial foundations of your business. I started with these last week, and I’m wrapping them up today. From last week… #1: Is the […]
Here’s What You Need for Your 2020 Taxes
Filing your taxes on your own is not for the faint of heart. But that’s what we’re here for. Let *us* make it easy for you. Below is a list of what you will need during the tax preparation process. Not all of them will apply to you. Before you get overwhelmed: yes, this is […]
Small Business Health Quiz
These are questions that might raise a few concerns, and that’s fine — it’s what we’re here for. Alongside establishing clear measurable for success (KPI’s), these are the sorts of things that effectively growing small businesses really need to get a handle on, regardless of their tax situation. I like to share these questions regularly […]
Don’t File Your Tax Return on April 15th
April 15th. The most notorious IRS tax deadline, right? Well… There’s more to the story. And while yes, you should extend if you’re not going to file. If you’re working with a tax preparer… You may want to hold off on filing your tax return on April 15th, if you haven’t checked with someone who […]
The 2nd Best Legal Entity (after Tax Cuts and Jobs Acts)
It’s so sad. 70% of small businesses in the US haven’t even incorporated. And let’s be honest. It’s not like the other 30% have been properly incorporated. And for years and years (and still today), you hear people talk about an LLC. And then once you get a little more sophisticated… You probably heard about […]
A Plan to Break Out of Debt
The average credit card balance for an American household as of this month was $5,897, which is (remarkably) DOWN from years past. Also interesting: personal bankruptcies are NOT yet rising, compared to years past. But unemployment is still VERY high, and Congress has been slow to create more relief. There is a very good chance […]
Three Secrets of Tax Planning
Come in close. You can’t tell anyone. This is just going to be between us. The first secret most people don’t realize. Secret #1: You don’t have to be a multimillionaire to benefit from tax planning. In fact, I’ve seen people who have less than $10,000 in REVENUE for their business benefit from tax planning. […]
PPP Loan Deductibility
There’s both good news (for some) and bad news (for many) as we round the corner into December. And I’m not talking about our culture, or politics, or sports, or anything like that. I’m talking about TAXES. I’ll start with the good news. One of the difficult aspects of the Tax Cuts and Jobs Act […]
Audit-Proofing your Tax Returns
The IRS has apparently caught up on processing their backlogged mail that stacked up during COVID closures. Or, well enough, they say. That means that they are now resuming the mailings of tax-due notices to taxpayers with outstanding tax bills. If you receive one of these notices, get in touch with us immediately: 410-224-2600 Secondly, […]
Some PPP Forgiveness News…
You might have seen some rumors on this already, but I wanted to help make everything clear for you… A few weeks back I told you that there were some tax professional rumors circulating about “automatic forgiveness” for PPP loans under $150K. Remember that? Well, they did it! Except it is for even smaller loans […]