Tax Tips Blog
Ready for the 1099-NEC?
The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC (the NEC stands for non-employee compensation). This form will be used…
Income Tax Brackets for 2020 and 2021
This article discusses the importance of being educated on the latest income tax brackets and trends to best optimize your hard-earned savings. Each year the IRS adjusts the tax brackets…
IRS Releases Anticipated Guidance Regarding PPP Loans and Expense Deductibility
On November 18, the Internal Revenue Service (IRS) releasedRevenue Ruling 2020-27 andRevenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of…
Finding, Retaining, and Rewarding the Right Staff and Clients
This article discusses some of the best practices that you can incorporate into your startup or general business to keep adequate clients and customers surrounding your business. Whether it is…
Deducting Losses – Current NOL Rules Related to the CARES Act
This article discusses how the coronavirus pandemic impacted many businesses in a negative way. Despite government funding programs such as the CARES Act and PPP Loan, many businesses are going…
Main Street Loans Opening Up for Smaller Businesses
This article discusses the most recent announcement from the Federal Reserve Board. This is significant for small businesses because the minimum loan amount went from $250,000 to $100,000 on three…