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CASH MANAGEMENT TIPS FOR SMALL BUSINESSES
CASH MANAGEMENT TIPS FOR SMALL BUSINESSES Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services. While that might seem counterintuitive, consider this: if you fail to satisfy a customer and lose that customer's business, you can always work harder to please the next customer. If you fail to
WHAT TO DO IF YOU MISSED THE APRIL TAX DEADLINE
WHAT TO DO IF YOU MISSED THE APRIL TAX DEADLINE Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven't filed a 2021 tax return yet, it's not too late. Here's what you need to do: First, gather any information related to income and deductions for the tax years for which a return must be filed, then call the office to set up an in-person or virtual appointment. If you are owed money, then the sooner you file, the sooner you will get your refund. If
TAX RETURN TIPS FOR LAST-MINUTE FILERS
TAX RETURN TIPS FOR LAST-MINUTE FILERS When it comes to working on your taxes, earlier is better, but many people find preparing their tax return stressful and frustrating and wait until the last minute. If you've been procrastinating on filing your tax return this year, here are eight tips that might help.DON'T DELAY Resist the temptation to put off your taxes until the last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely
BUSINESS OWNERS: YEAR-END TAX PLANNING STRATEGIES
BUSINESS OWNERS: YEAR-END TAX PLANNING STRATEGIES Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let's take a look:DEFERRING INCOME Businesses using the cash method of accounting can defer income into 2022 by delaying end-of-year invoices so that payment is not received until 2023. Businesses using the accrual method can defer income by postponing the delivery of goods or services until January 2022.PURCHASE NEW BUSINESS EQUIPMENT Bonus
START PLANNING NOW FOR NEXT YEAR'S TAX RETURN
START PLANNING NOW FOR NEXT YEAR'S TAX RETURN This year's tax deadline may have come and gone, but it's never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone. 1. Review your paycheck. Make sure your employer is properly withholding and reporting retirement account contributions, health insurance payments, charitable payroll deductions, and other items. These payroll adjustments can make a big difference to your
ADVANCE CHILD TAX CREDIT PAYMENTS START THIS MONTH
ADVANCE CHILD TAX CREDIT PAYMENTS START THIS MONTH The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here's what families need to know:BACKGROUND The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act, enacted in March. The letters are going to families who may be eligible based
TAX CONSIDERATIONS WHEN SELLING YOUR SMALL BUSINESS
TAX CONSIDERATIONS WHEN SELLING YOUR SMALL BUSINESS Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you're thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine how much your business is worth (and what the listing price might be) and develop a tax planning strategy to minimize
What you need to know about filing your taxes!
Featured Articles for February 2021 Tax Filing Season Starts February 12The IRS begins accepting and processing 2020 tax year returns on Friday, February 12, 2021.What's New for 2020 Tax Returns Taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns this year.Employer Tax Credit Extended for Payroll Workers Extended through June 30, 2020, the Employee Retention Credit helps businesses keep their employees on the payroll - despite the
