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PPP Updates
PPP Loan Forgiveness Updates A stipulation to have a PPP loan forgiven is to prove COVID-19 has had a negative impact no your business. Recently this condition was nullified for small businesses with PPP loans less than $2 million. Other conditions still hold though....
PPP Loans and Deductions
Business Deductions and PPP Loans Tax deductions are subtracted from your adjusted gross income which results in paying a lower amount in taxes. Businesses can take advantage of many deductions to reduce their tax bill. Some common deductions for businesses are...
Some Good News
Julia Got Married In lieu of these times, some good news is overdue. Our newest member of the Andrews clan, Julia, was kind enough to share some of her wedding photos. A few weeks ago Julia tied the knot with her now-husband, Brandon. Here are some of the photos which...
Tracking Stimulus Checks
Stimulus Checks This week marks the third week of the IRS depositing stimulus checks directly into taxpayers’ bank accounts. If you have not received your stimulus check it is probably due to one of the following reasons: you are not eligible for a stimulus check, you...
Small Business Administration (SBA) Loans
Paycheck Protection Program The SBA is offering loans of up to $10 million to eligible small businesses to protect small business workers. The loan can be forgiven if employees are on the payroll for eight weeks and the loan is used for payroll, rent, utilities, etc....
When Can You Expect a Relief Payment?
The CARE Act The Care Act gives a relief payment of $1,200 to adults that make no more than $75,000 annually. This applies to couples that make $150,000 annually (in which the relief would be $2,400). Also, each child under 17 years-old amounts to an additional $500...
Small Business Loans
The CARES Act Part of the relief from the CARES Act is for small businesses. To keep workers employed and small businesses open, $350 billion dollars has been allocated towards small businesses. Additionally, these loans may be forgiven if small business owners...
An Act and Taxes
Part of the CARES Act Each adult will receive $1,200 ($2,400 for couples) in relief and $500 per child. Relief payments are based on your adjusted gross income reported on your 2019 tax return. Some ineligible payments include children of the age of 17-18 years old,...
New Tax Deadline
Tax Season Extended Tax Day has been moved from April 15th to July 15th. So, not only do taxpayers have more time to file their business and personal returns, but no penalties or interest will accumulate between April and July as well. Small Business With request the...
Everything You Need To Know About Extensions
Extensions And Your Tax Payment Right now, the last thing on your mind is filing your tax return. With just about a month left to file, many taxpayers leaning towards extensions. Note that, although an extension lets you file your return by October 15th, you still...
Breakfast During Tax Season
The Goodies At Breakfast With the stress of tax season, we decided to relax with a team breakfast. We all brought homemade treats such as cinnamon rolls, french toast, muffins, eggs bacon, and fruit. Links Learn more about our services here! Lastly, follow us on...
Tax Credits, What Are They?
What Are Tax Credits? Tax credits are used to offset what you may owe in taxes. There are two types of these credits. Nonrefundable Credits Nonrefundable credits offset your tax bill and can go as far as getting you a refund. But your refund can only be as much as you...
IRA – Individual Retirement Account
An IRA (Individual retirement account) is a way to invest in your future and save for your retirement.
What Are All These Tax Forms For?
Every tax season, taxpayers’ files a multitude of forms to disclose various avenues of income, expenses and other financial data. There are so many, so let’s look at the most common ones.
Happy Valentine’s Day 2020
At the office, Valentine’s day isn’t just a holiday but the birthday of our very own Les Campbell. To celebrate we went to…
What’s a Gift Tax?
A gift tax is a tax on the market value of a gift. Also, the giver of the gift must give the gift with no hopes of getting anything in return.
Free Filing Software vs. an Accountant
Should you use TurboTax or another free filing software to do your taxes? It really depends on how complex your taxes are.
When Can You Expect a Tax Refund?
Tax season opened Monday, January 27th. Taxpayers with straight forward returns can expect their refund within 10-14 days of filing.