During the Coronavirus Outbreak the Small Business Administration Provides Business Distaster Loans SBA Small Business Disaster Loans are available. The U.S. Small Business Administration (SBA) has never faced a challenge like the COVID-19 outbreak, but they’re stepping up to help small business owners who are suffering financially during these uncertain times. The SBA’s mission […]
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Work Opportunity Tax Credit: Congress Extends WOTC One More Year
President Trump signed into law the Appropriations Act of 2020 last December 20, 2019. This law includes a number of tax law changes, as well as extending certain tax provisions. These provisions either expired after 2017 or were about to expire. Also, a number of retirement and IRA plan modifications, and other changes that will […]
The Difference Between an Audit, a Review and Compilation
When it comes time for financial documents to be corroborated, the three options available are an audit, a review and compilation. Each of these represents a very different degree of effort and investigation, and therefore each provides differing levels of confidence for investors and lenders. Let’s take a closer look at all three. The Compilation […]
Business and Personal Travel Rules, What Qualifies According to the IRS
When a self-employed individual makes a company trip outside of the United States and the trip is 100% for the purpose of your profession, all of the ordinary and necessary company travel expenses are deductible. However, there are rules the IRS has as to what qualifies as ordinary or necessary travel expenses for company and personal travel.
Tips for Accurate Recordkeeping for Small Businesses
When maintaining accurate recordkeeping for small businesses, precise records will make things much easier. Best practices include reviewing the business improvements and progress. Another thing to always do is monitor expenses, along with pinpointing where your income sources are. Next, make it a habit to look over financial statements. And finally, prepare tax returns and keep all source documents for items on tax returns.
Filing an Extension is Good Idea
Filing an extension helps since the income tax due date is around the corner. Are you up against filing an extension since you won’t make the April tax filing deadline? Do you still need some information to complete your tax return? You are at the point where it would make sense to obtain a six-month […]