5 Things That Happened in May That Affect Your Small Business
We’re approaching mid-year, which is a great time to check in on the health of your small business. Plus, lots of newsworthy events have happened that may affect you.
Did You File Before Congress Passed the Unemployment Tax Exclusion? Here is How the IRS is Handling the Situation
Did you pay taxes on your unemployment benefits you received during the pandemic? Normally, unemployment insurance benefits are fully taxable for federal purposes. As part of the American Rescue Plan Act, Congress decided that each individual who received unemployment benefits could exclude the first $10,200 of those benefits from taxation if their modified AGI was less than $150,000. The IRS will be adjusting your tax return.
3 Reasons to Keep Your Personal and Business Finances Separate
The more your business and personal outlays become entwined, the harder it is to manage your company’s cash flow, payroll, and taxes. We explore three key reasons to draw a clear line between your business and personal finances.
Evaluating a Job Offer
Whether you’re considering changing jobs or just landing your first one, when you receive a job offer, should you take it? You can find the job that’s right for you by following a few sensible steps.
Made a Mistake on Your Tax Return – What Happens Now?
Tax return mistakes are a lot more common than you probably realize. If you’ve just discovered that you’ve made a significant mistake on your tax return, the first thing you should do is take a deep breath, and then call us!
Should You Charge Late Fees? QuickBooks Can Help
Business Owners: Do you have a lot of aging receivables? Assessing finance charges can speed up customer payments.
Rising Inflation: Where Will It Go from Here?
Over the past year, inflation increased 2.6%, the highest year-over-year inflation rate since August 2018. The question on every investor’s mind is, “Where will it go from here?”
Enhanced Child Tax Credit for 2021
The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, if you have qualifying children under the age of 18.
Your Business: Minimum-Wage Laws in the Spotlight
State labor laws vary widely but affected small businesses may face challenges as minimum wage increases take effect over the next few years. Eight states (plus the District of Columbia) have passed legislation to raise the minimum wage in steps to $15.
4 Key Changes to College Financial Aid and Education Tax Benefits
The Consolidated Appropriations Act included several provisions related to education, including $22.7 billion for colleges and universities and a simplified FAFSA.