What Business Owners Need to Know About 1099’s
An important aspect of tax compliance for business owners is the requirement to file a 1099 for certain payments made during the normal course of business. If you are a business owner,…
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Be on the Lookout for the Latest Round of Economic Impact “Stimulus” Payments
Thanks to legislation signed into law late in 2020, the latest round of Economic Impact Payments (EIP) (also known as “stimulus payments”) started going out on December 29, with an…
Paycheck Protection Program Updates
“The Coronavirus 2.0” bill passed Congress on December 21, 2020, and was signed into law on December 27. The law covers a wide range of topics, including updates and enhancements…
Why is the Income on My K-1 Different from the Cash I Received?
Making the switch from employee to business owner requires some getting used to. One of those adjustments is understanding the difference between the income reported on a K-1 and the…
Cut Your Tax Bill When You Convert Personal Expenses to Deductible Business Expenses
Owning your own business can provide opportunities to reduce taxes that you might not necessarily have as an employee, and the best place to start is to convert personal expenses…
Biden Proposal Could Reshape Retirement Accounts
Joe Biden and Kamala Harris have a proposal for retirement accounts that could change the way many people save for retirement. The intent of this proposal is to increase retirement…