How to Avoid Ghost Tax Preparers & Other Scammers
The American tax system is filled with tax breaks that can save you thousands of dollars, as long as you know where and how to look. But the system is decidedly not “user friendly,” which is why many taxpayers miss out. Finding a savvy tax preparer who understands the changing landscape and its moving parts […]
Phishing at Work: An Expense You Can’t Afford
Phishing attacks are getting more sophisticated, even forcing many businesses that fall victim to them to close. The sad truth is that 60% of small businesses are shut down within six months of a significant cyberattack because of the financial losses involved (an average of $200,000, in fact). At the beginning of 2020, during the […]
Tax Tips for California Entrepreneurs Moving to Texas
Newly arrived in Texas by way of California? There’s a strong influx of California transplants to the area, particularly among entrepreneurs. If you’re among them, welcome! But fair warning: Leaving the state doesn’t necessarily mean you’ll stop paying California taxes. Entrepreneurs love the Lone Star State’s business-friendly policies. Ranking high among them: No corporate or […]
3 Keys in Choosing a Tax Preparer
How do you know you’re working with a legitimate tax preparer? The answer isn’t as cut-and-dry as it should be. It’s essential to determine, though, because working with an unscrupulous or incompetent tax preparer could cost you more than tax dollars. You could be hit with huge penalties and interest or even jail time. Tax […]
Start Counting Up Your 2021 COVID-19 Deductions
As the COVID-19 pandemic swept the world, tax and financial relief efforts were sped along to help business owners stay afloat. As 2021 settled in, some of those efforts trickled away. So, where do you stand as a business owner? What COVID-19 tax deductions should be accounted for before the year’s end? Here are a […]
E-Sign Extended for More Tax Forms
You can keep e-signing many of your IRS forms through the end of 2021, the IRS has announced. Plus, more forms have been added to that list. In April 2021, the IRS announced it will allow digital signatures on certain forms that can’t be filed electronically. Before the pandemic, it was mainly Form 1040 for […]
Federal Contracting & Your Small Business
Federal contracting can be an excellent niche for small businesses in many areas, including manufacturing, IT, professional services, construction and more. With the federal government rewarding $13 billion more in small business contracts this fiscal year over last, it’s time to understand the risks and rewards. The U.S. Small Business Administration (SBA) recently announced that […]
Tax Breaks for Pivoting Your Business
The construction industry has been through a rollercoaster of highs and lows the past couple of years. The pandemic has caused volatility in project timelines, staffing, regulations, and the supply chain in ways that may have forced you to reinvent how you do business. Each of these activities, however, can hold tax advantages if you […]
Six Early Moves
There is only one certainty for business owners: You won’t be able to stay at the helm forever. You’ll exit, either by choice or by circumstance. Some business owners prepare years in advance for that day, but family business owners don’t often have such a clear vision in place. Click To View
New Tax Developments for S Corporations
An important tax court decision was recently passed down that addresses a common audit trigger for S corporations: Payments to sole shareholders. Are they considered wages or distributions? The answer to that question can alter a business owner’s tax obligation by thousands of dollars. When a business is just starting out, the owner often chooses […]