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You probably know that claiming tax deductions and tax credits can help lower the amount of your tax bill, but do you know the difference? Tax Credits vs. Tax Deductions While the end result of deductions and credits may be the same — you pay less in taxes — they work in very different ways. Tax deductions reduce your taxable income, while tax credits directly reduce your tax bill. Tax credits give you a doll...
Managing your company's finances can be difficult if you aren't familiar with debits, credits, and recording transactions, but who says you have to go it alone? Everyone needs a guardian angel sometimes, and so does your business. A good accountant can watch over your business and provide the financial expertise and guidance you need to effectively run your company. There are good reasons for hiring an accountant at differen...
We have heard from many of you this week, asking questions about this new round of PPP loans. This morning, we finally have some concrete information about when you can apply. Yesterday evening, the SBA announced that the PPP application portal would be fully open on Tuesday, January 19. It will be available to all lenders to submit First and Second Draw loan applications. The portal has already been partially open this week to some...
You ask, we answer. Some of you may have been surprised last week to see $600 or more show up in your bank account. However, many taxpayers are still waiting for this second round of stimulus payments, also known as Economic Impact Payments or EIPs for short. A lot of you have questions. So, we wanted to take a few minutes to answer some of the top questions we are being asked. Who is Eligible for the second round, and how much can I ...
Is your office starting to feel a little crowded? Has your file cabinet erupted, and files, papers, and documents are covering every surface? Not sure how long to keep your tax receipts and other documents? Are you overwhelmed by the piles and looking for record retention guidelines? Well, I'm glad you found this article. I will help you take back your life - well, at least your office. Some people never throw away any tax records becau...
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