NEW CHARITABLE CONTRIBUTION RULES Nonitemizers can claim a deduction The CARES Act makes two significant changes to the rules governing charitable deductions for individuals. Individuals will be able to claim a $300 above-the- line deduction for cash contributions made to public charities in 2020. This rule effectively allows a limited charitable deduction to any taxpayer…
ECONOMIC IMPACT PAYMENTS How will they affect your 2020 return? As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the IRS made economic impact payments (EIPs) to certain taxpayers. The eligibility for and the amount of an EIP generally depended on the taxpayer’s 2019 federal income tax return. If one wasn’t…
DID YOU RECEIVE A PPP LOAN? Get ready to pay it back or pay the taxman. Many small businesses impacted by the coronavirus pandemic were eligible to apply for a loan through the Payroll Protection Program (PPP). These loans were essential for helping to keep employees working and businesses open. You’ve probably heard a lot…
Customized Reports in Xero Here is a short video on how to create save and organize customized reports in Xero. https://youtu.be/AZeh0uCM7Ts
Year End Tax Planning: Grouping Itemized Deductions Given that the passage of the Tax Cuts and Jobs Act in December of 2017 has changed things a bit. Here are a few ideas on how to best take advantage of the new law. The biggest change affecting individual tax payers is the increase of the standard…
Is it true that if I buy an expensive truck I’ll save a lot on taxes? So you might have heard rumors of business owners making large purchases at the end of the year to save on taxes, and wonder if the stories are really true. So the truth is that yes there are purchases…
Will operating as an LLC save my business on taxes? As a business owner, you might have heard some rumors that one way to lower your tax bill is to form a Limited Liability Company (LLC). While there are many ways to lower your taxes, there are rarely simple sweeping statements that apply to every…
The top benefits of using an online accounting system If you have your own business, you’ve probably realized that you need to have an accounting system of some sort. Unless you’re an accountant, this is almost never at the top of your list of things to do, and it may seem overwhelming. There are multiple…
Is there a secret to managing cash flow in a seasonal business? The busy season is over, it’s been a good run, and now it is time to take a deep breath, kick your heels up and enjoy the off season. Often that tranquil state of mind is only fleeting as other doubts start to…
So you just hired an employee – now what? Yipee! Your business has grown and now you need help to get some of the day to day work accomplished. This could be the start of a great collaboration, and it is the first step toward your company becoming a world dominating behemoth. But what else…