by somichcpa | Mar 12, 2021 | Uncategorized
Tax challenges can be VERY expensive As a small business owner, you may face the issue of whether to classify workers as employees or as independent contractors. Classifying your workers as independent contractors generally saves you money. That’s because you avoid...
by somichcpa | Mar 8, 2021 | Uncategorized
Here’s a look at the new world of bank reconciliations and some ideas to use to ensure your bank account is accurate. The bank reconciliation purpose In a nutshell, a bank reconciliation ensures your account is accurate. This is done by comparing all your activity...
by somichcpa | Mar 5, 2021 | Uncategorized
With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions. When will I get my refund? The pandemic and additional stimulus payments will, in all probability, delay refund payments. But as of now here are the old wait...
by somichcpa | Feb 24, 2021 | Uncategorized
Here are some suggestions to help you master the art of documenting and organizing your business now and in the future. Document policies and procedures. Write down daily responsibilities, skills needed to complete tasks related to these responsibilities, and the...
by somichcpa | Feb 15, 2021 | Uncategorized
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable...
by somichcpa | Feb 9, 2021 | Uncategorized
Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a...
by somichcpa | Feb 8, 2021 | Uncategorized
Here are four ways to make sure the preparation of your tax return keeps moving along until it gets filed. Keep tax documents in one place. Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax...
by somichcpa | Feb 7, 2021 | Uncategorized
As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules You may give up to...
by somichcpa | Jan 29, 2021 | Uncategorized
If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the...
by somichcpa | Jan 29, 2021 | Uncategorized
As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution...
