The stay-at-home orders required by nearly every state from March through May were necessary to gain traction against the coronavirus, but the businesses that were forced to suspend or significantly alter their operations found themselves suddenly unable to stay afloat. To provide support for businesses, Congress authorized the Paycheck Protection Program (PPP), which provided up…
When it comes to filing taxes for your franchise, it’s all about reducing your tax liability and maximizing your return. Tax professionals are skilled at interpreting tax codes and analyzing your business to determine your best strategy. Ready to make your 2020 filing efficient and successful? Here’s where to start. Know your business Business structure …
We know there are a lot of challenges facing small businesses today – but there are also a lot of opportunities arising to help your business afloat and cut costs. The government has released a number of initiatives and you should absolutely be taking advantage of them. We’ve put together some of them below, but know…
It’s just a matter of weeks before the March 15th and April 15 tax deadlines. Are you feeling ready to file your tax return? If not, you’re in good company. According to a 2019 Wallet Hub survey, 50% of people would rather attend jury duty than do their taxes. But it doesn’t have to be…
Standard Deduction The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for…
For many businesses, January means preparing the previous year’s documents, invoices and receipts for tax filing. It’s important to understand any tax changes that may impact your business this year. As a new administration transitions into the White House, the potential for volatility in the realm of tax policy is high. Deadline Changes First and…
The Internal Revenue Service recently issued the 2017 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning January 1, 2017 standard mileage rates for the use of cars, vans, pickup trucks, or panel trucks will lower to 53.5 cents per…
If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses. The care must…
FBAR What is FBAR FBAR is a report of foreign bank accounts and its sole purpose is to collect data on the balances of foreign bank accounts. Who Has to File an FBAR If you have had $10,000 or more in a foreign bank account, brokerage account, mutual fund, trust or other type of foreign…
Identity theft places a burden on its victims and presents a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Identity thieves often use a legitimate taxpayer’s identity to fraudulently file a tax…