How can you make the most of your retirement investments and keep more of your hard-earned retirement income? By taking the time to do the necessary tax planning to avoid costly retirement income tax mistakes. Here are some common mistakes to look out for: https://bit.ly/36pHf34
FORBES.COM
Tax Mistakes In 2020 That Could Ruin Your Retirement
Attempting to run a business without a good cash flow strategy is like trying to sail a ship across the sea without a rudder. https://bit.ly/2IJ6ORE
FINANCIALHOTSPOT.COM
8 Cash Flow Management Tips | www.financialhotspot.com
Budgeting is hard, especially when your budget has blind spots. Here's a list of the most commonly forgotten budget categories to help you be more prepared. https://bit.ly/3jrOiwe
FUNDINGCLOUDNINE.COM
38 Commonly Forgotten Budget Categories that can Wreck your Budget
Business owners who took a forgivable loan via the Paycheck Protection Program continue to grapple with whether certain covered business expenses are deductible, even if they haven’t yet applied for forgiveness.
CNBC.COM
Why third-quarter taxes are confusing for small businesses in the Paycheck Protection Program
Business travelers who incur expenses while traveling away from home have new per-diem rates to use in substantiating certain of those expenses.
JOURNALOFACCOUNTANCY.COM
IRS issues 2020–2021 per-diem rates
Have you ever wondered how long should you keep old tax returns? Here's some info: https://bit.ly/32CPEhC
FORBES.COM
How Long Do I Need To Keep Old Tax Returns?
Small businesses should plan at least two years into the future.
KIPLINGER.COM
There’s Never Been a Better Time for Business Owners to Make a Move | Kiplinger
Credit card fees can be a pain, but the good news is that if they're for a business, they're tax-deductible. Those credit-card-related charges include interest expenses, balance transfer charges, cash advance fees and credit card processing fees.
BUSINESS.COM
Credit Card Fees for Businesses Are Tax-Deductible - business.com
With so many 1099s out there, it shouldn’t come as any surprise that there’s no one-size-fits-all answer for how to include this information in your tax return. It depends on the specific type of 1099 you receive. Learn more in this article. https://www.thebalance.com/what-is-a-1099-form-and-how-do-you-report-the-income-4773669
THEBALANCE.COM
What Does That 1099 Form Mean for Your Tax Return?
Here’s how to maximize your benefits to combat the effects of the pandemic.
EASTWESTBANK.COM
COVID-19 Tax Relief: How to Maximize Your 2020 Credits
Millions of Americans have shifted to remote work since the pandemic began. In February, 8.2% of employees worked from home; in May, that number rose to 35.2%. Working fully remotely? Find out if you qualify for the home office tax deduction.
TWOCENTS.LIFEHACKER.COM
Will You Qualify for the Home Office Tax Deduction?
Many small-business owners want to grow their companies, and they want to do it fast. But if you rush into expansion without a plan, you risk losing everything you’ve worked so hard to build. To avoid making mistakes, heed these five tips for expanding your small business (the right way).
ENTREPRENEUR.COM
5 Tips for Expanding Your Small Business (The Right Way)
Here is a great article on how you can scale your business during these tough times.
FORBES.COM
How To Scale Your Business In Tough Times
5 Things to Consider When Starting a New Nonprofit Organization
FINANCIALHOTSPOT.COM
5 Things to Consider When Starting a New Nonprofit Organization | www.financialhotspot.com
We’ve all seen the statistics on how many businesses fail within the first few years of operation, and the current pandemic may accelerate that struggle for some startups. Here are 4 things you should never do if you want your startup to thrive: https://startupnation.com/manage-your-business/stop-business-last/
STARTUPNATION.COM
Stop Doing These 4 Things if You Want Your Business to Last
If you plan to make donations this year, you’ll need to know how charitable contributions can be claimed on your tax returns. Here are some important tips to help ensure your donations make as much of an impact as they can, both for your own finances and for those of the charities you’ve donated to.
FINANCIALHOTSPOT.COM
5 Tips on Claiming Charitable Donations on Your Taxes | www.financialhotspot.com
Auditing remotely has become the new normal for nearly every auditor across the country. These are some tips that will hopefully result in an effective and efficient remote audit for your company. https://goldingroupcpas.com/2020/10/30/non-profit-chooses-audit-remotely/
Reducing costs and increasing revenue is the only way to keep your business growing, but many businesses are in the habit of overspending for basic business needs. Here are some common areas where businesses over-spend.
INC.COM
7 Areas Where Businesses Habitually Overspend
A new round of the Paycheck Protection Program (PPP) is available through the new COVID-relief stimulus bill. This round — like the first — will be in the form of forgivable loans to small businesses, but there are some key eligibility differences. Read more on our blog: https://goldingroupcpas.com/2021/01/29/apply-second-round-ppp-loan/
With some planning, up to $11,700,000 of one’s assets ($23,400,000 for a couple) can pass free of federal estate taxes in 2021. Call us for all of your estate tax planning needs. https://www.marketwatch.com/story/how-do-i-reduce-the-taxes-on-my-estate-2021-01-15
MARKETWATCH.COM
How do I reduce the taxes on my estate?
For legal and tax purposes, you can structure your business in different ways. Choosing the right one can impact how you file and how much you owe at tax time. Here’s a quick summary of the most popular business structure options. https://www.sba.gov/blog/choosing-right-business-structure-three-factors-consider
Read how this mother-daughter team found entrepreneurial success in the pandemic. Looking to start a small business? Call us for all of your small business and non-profit accounting needs!
NEXTAVENUE.ORG
How to Launch an Intergenerational Small Business in Midlife
Here are nine essential metrics that every entrepreneur should know about and measure.
FORBES.COM
9 Basic Financial And Analytics Metrics Every Startup Founder Should Know
IRS reminder: Limits on charitable contributions have been temporarily suspended. You may deduct qualified contributions of up to 100% of your adjusted gross income. https://go.usa.gov/xfQZs
IRS.GOV
Charitable Contribution Deductions | Internal Revenue Service
