Keeping Your Cash FDIC-Insured
In the event of a bank failure, the FDIC will step in to protect depositors by insuring their deposits up to the limit.
#smallbusiness
What is Bonus Depreciation and Section 179 Depreciation?
As a business owner, you are likely familiar with the concept of depreciation. Depreciation is a tax-deductible expense that allows businesses to spread out the cost of purchasing and owning… Read More »What is Bonus Depreciation and Section 179 Depreciation?
Pros and Cons of an S Corporation
An S Corporation is a type of business structure that combines the benefits of a corporation and a partnership. S Corporations have become popular among small business owners due to the tax and liability advantages they offer. In this blog, we will explore the pros and cons of forming an S Corporation.
Economic Nexus
In 2018, the Supreme Court overruled the previous ruling that states can only require sellers to collect tax when they have a physical presence in the state. Now, states can… Read More »Economic Nexus
Defer Taxes with a Drop and Swap on Your 1031 Property
When all the partners don’t agree on what to do with the proceeds from the sale of real property, executing a “drop and swap” allows real estate investors to “drop”… Read More »Defer Taxes with a Drop and Swap on Your 1031 Property
Active or Passive? That is the question…
Income falls into three buckets Active Income (wages, business where the taxpayer is materially participating, etc.) Passive Income There are two kinds of passive activities. 1. Trade or business activities… Read More »Active or Passive? That is the question…
Accrual vs. Cash Basis
The two primary accounting methods are accrual and cash basis The main difference between the two methods is the timing of when expenses and revenues are recognized. There are advantages… Read More »Accrual vs. Cash Basis
Filing 1099s in 2023 – Updates and New IRS Filing Portal
What is a 1099? Businesses and Individuals Required to file Forms 1099 Due Date for Forms 1099 Information required to file a 1099 Electronic Filing Update – New IRS Portal… Read More »Filing 1099s in 2023 – Updates and New IRS Filing Portal
The Largest Stimulus Bill in U.S. History
Congress and the Trump Administration agreed to a deal for what will be the largest stimulus package in American history. Overnight, senators and the Trump administration officials reached a deal… Read More »The Largest Stimulus Bill in U.S. History
SBA Economic Injury Disaster Loan Application Process
The U.S. Small Business Administration (SBA) has approved certain cities and states whose businesses have been negatively impacted by COVID-19 to be approved for the Economic Injury Disaster Loan. On… Read More »SBA Economic Injury Disaster Loan Application Process