Incorporating your small business the right way can bring tax benefits and protect your personal assets. Read on to learn more about what incorporation is, why you might want to incorporate, and how an accountant can help you navigate the questions that come with selecting the right business structure. What is Incorporation? When discussing “incorporation” […]
What is the Employee Retention Tax Credit (ERTC)?
Eligible employers are entitled to an Employee Retention Tax Credit (ERTC) of up to 70 percent of the first $10,000 in wages and certain health care plan expenses paid per employee for each of the first two quarters of 2021 according to the New Stimulus Act. What is the Employee Retention Tax Credit (ERTC)? Designed […]
Why You Need Year – Round Tax Planning…
…and tips on how to do it. The IRS may have granted us a reprieve for filing our income taxes this year, but we hope you’re well into your preparation for 2020 income taxes – or finished with them. Tax planning shouldn’t be a task on your to-do list every April. It should start January […]
THE CONSOLIDATED APPROPRIATIONS ACT: 6 Ways It May Help Your Small Business
While another stimulus plan waits in the wings, we’re still learning about the impact of the previous one on small businesses. It was a long time coming, but it’s finally here. On December 27, 2020, then-President Trump signed a $900 billion stimulus bill into law, the Consolidated Appropriations Act. Along with many new provisions, the […]
Small Business Health Care Tax Credit
Eligible small employers who provide health care coverage to their employees can receive a Small Business Health Care Tax Credit from the Federal government. Here’s what you need to know about who qualifies and how to take advantage of the credit. What is the Small Business Health Care Tax Credit? Small business owners make numerous […]
Business Start-Up Costs — What’s Deductible?
Launching a new business takes hard work — and money. Costs for market surveys, travel to line up potential distributors and suppliers, advertising, hiring employees, training, and other expenses incurred before a business is officially launched can add up to a substantial amount. The tax law places certain limitations on tax deductions for start-up expenses. […]