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There is important news today regarding the tax season which starts on January 24th. The deadline to file your 2021 taxes is April 18, 2022. It is important to file electronically this year as well as report the correct amount for those who received an Economic Impact Payment or an advance Child Tax Credit. The IRS predicts that the majority of taxpayers will receive a tax refund within 21 days of it being filed electronically, with the advice being to avoid filing a paper re

There is BIG news that was just recently announced. The IRS will BEGIN accepting and processing 2021 TAX RETURNS starting January 24th. In today's newsroom, we have some important tips to share with individuals and businesses. For individuals who have received advanced child tax credit and/or third economic impact payment, you need to take extra steps to make sure you reconcile these payments received against your tax return. If you find yourself asking these questions and yo

As a small business owner, you are completely responsible for your own retirement planning. If you have employees, you may feel responsible for helping them plan for a successful retirement. The considerations and retirement savings plans that work you, as a small business owner, should be paramount when planning for both your own retirement and that of your employees. It is never too late to consider last-minute strategies regarding retirement contributions to help you reduc

There are many deductions to cover, but an important one is the Home Office Deduction. Whether you are a sole proprietorship, S-Corp, or C-Corp, these deductions can benefit you if you have an office at home and do a lot of your business there. If you have also paid business expenses using your personal credit card then those can be deducted. It seems like a lot, luckily, we offer a reimbursement template to maximize your deductions. By using the Safe Harbor Rule🧾, the busin

The IRS has issued guidance regarding the retroactive termination of Employee Retention Credit (ERC) starting from Oct 1, 2021, except for an employer who is a recovery startup business. Notice 2021-65 applies to employers that paid wages after Sept. 30 and received an advance payment of ERC for the 4th quarter of 2021. Employers that reduced deposits on or before Dec. 20, 2021, for wages during Q4 2021 and aren’t a recovery startup business will not be subject to a deposit p

The need for adapting to business conditions is crucial for a business to succeed. That's why it is important to review the most common business challenges and strategize methods of overcoming them. An organized and prepared business owner, who knows about these potential challenges, is far more likely to meet expectations than one who doesn't. Today, our team of experts is sharing the top 3 mistakes business owners frequently make. We will go over these problems and talk abo

Happy December! The holidays are coming, but so is the end of the fiscal year. As a business owner, you probably already know the importance of funneling legitimate expenses through your business for tax purposes; but if you really want to take your finances to the next level, you should consider using business credit cards. In this video, you're going to learn how business credit cards can be beneficial, and Charlene covers how to reduce your overall tax burden! This tip is

We are nearing the end of the year with Thanksgiving at a close. Luckily, we have our second strategy out of the ten to reduce your taxes! The second tip we are going to be covering is about maximizing your deductions and investing in revenue-generating assets. We discuss what depreciation is, and the three types of depreciation. We give business owners strategies to make their assets have a 100% deduction before the end of the year. Need help? Please do not hesitate to call

Dear business owners, in this upcoming year, your merchant processor will start requesting you to provide your tax information like your EIN (Employer Identification Number), ITIN (Individual Tax ID Number), or SSN (Social Security Number). Surprised? This is because the IRS is now asking third-party electronic payment companies (including PayPal, Venmo, and Square) to disclose to the IRS a user's business transactions if, in aggregate, they total $600 or more for the year. T

We have some shocking news today! ERC has ended! The infrastructure legislation ends the employee retention credit (ERC) early, making wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible recovery startup business). This latest legislation H.R. 3684 passed the House of Representatives and is headed to the President’s desk to be signed into law. President Joe Biden is expected to sign the Infrastructure Investment and Jobs Act which