By: Linda Yutzy, Administrative Assistant In today’s economy, we see a myriad of businesses that begin with impressive, innovative ideas and products, but they are short-lived and end up closing their doors. According to the SBA (The U. S. Small Business Administration), almost 80% of new businesses started will survive their first year. That sounds … Continued
Is your office littered with important documents? Tax returns, receipts, canceled checks and other financial records? Or perhaps your computer desktop is filled with a multitude of digital tax-related files? You’ll find it easier to file your taxes next time around if you cut down on the clutter. To perform a cleanup, call us in … Continued
It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS. Why loans are better When an owner withdraws funds from the company, the transfer can be characterized as compensation, a distribution … Continued
TCJA Prompting Entity Change for Some Business Owners For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. Meanwhile, the TCJA also reduced individual income tax … Continued
By: Linda Lehman, Senior Assistant Accountant We all use software which may contain helpful features that we are either not aware of or have forgotten about from our initial training. Here are a few of my favorites in QuickBooks… Find What would I do without this handy tool! Let’s say you just entered a transaction … Continued