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Information that keeps you "in the know" with the intent of improving your financial well being.
US Capitol

Senate Passes the CARES Act

On Wednesday, March 25, the Senate passed the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act" by a unanimous vote. As of this writing, the CARES Act is not yet law. The Act must be passed by the House and signed into...

Deadline Extended
Tax

Tax Payment Deadline Moves from April to July

The deadline to pay your tax bill is officially moved from the April 15th tax deadline to July 15th, per U.S. Treasury Secretary Steven Mnuchin. This announcement was made on Tuesday, March 17, 2020 during a press conference at the White House and confirmed by...

Create Your Business Succession Plan

Creating an effective succession plan is one of the most important things you can do for your business, as well as for others who care about it. By focusing on some of the most critical elements, you can avoid getting overwhelmed by the challenge. Consider...

How to Succeed as an Independent Contractor

Are you one of the now 33% of Americans who work as either an independent contractor or freelancer?  If you answer yes, you are now a participant in the gig economy, a modern term for an economy characterized by workers who earn money through short-term contracts...

Tax

Getting a 20% Business Deduction Has New Hurdles

Last tax season was a learning experience for everyone who had partnership, S corporation or sole proprietor income as they tried to understand the new qualified business income (QBI) deduction. The rules and regulations challenged taxpayers, tax practitioners, tax software providers, even the IRS.  Now that...

Learn to LOVE the Process

Small business ownership is hard. Can I get a witness? There are so many challenges each and every day that it’s easy to want to throw in the towel. But I have a secret for you. If you want to have success as a small...

How to Take Advantage of the New Retirement Rules

The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for retirement.  Money can continue to grow...

Great New Option to Reduce Student Loan Debt

Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds.   Background529 savings plans are available to set aside after-tax funds to pay for college and K through 12 education expenses. As long as the funds...

How to Deal with Incorrect 1099s

It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do?  Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence they will need...

Tax

Late Tax Law Changes…AGAIN!

In what is becoming a habit, Congress and the Executive office have once again changed tax laws in the final days of the tax year.   The problem  Beyond the additional billions added to the national debt, this habit creates numerous problems. It requires scrambling from:   The...

1099 Deadline is Around the Corner

In an attempt to combat tax return fraud, the IRS made changes to certain reporting deadlines a few years ago. The two changes with the biggest small business impact are reporting the information from Forms W-2 (Wage and Tax Statement) and 1099-Misc (Miscellaneous Income). Since...

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