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Tips for Starting Your Own Business

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That's where a [...]

Tips for Starting Your Own Business2020-10-15T14:15:35+00:00

Say No to Payroll Tax Deferral

On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020, and [...]

Say No to Payroll Tax Deferral2020-09-02T15:03:28+00:00

Important Changes to PPP Loan Forgiveness Rules

Good news!  Congress has passed, and the President is expected to sign, a bill that adds considerable flexibility to the rules for PPP loan forgiveness.  Under the previous rules, forgiveness required that at least 75% of business expenses in the 8-week period after the loan closing be used for payroll expenses.  The new rules [...]

Important Changes to PPP Loan Forgiveness Rules2020-06-04T13:31:37+00:00

FAQ re Paycheck Protection Loans for Businesses

Update 4/8/2020: The roll out of this program has been rocky, to say the least. Some banks (Wells Fargo being one) have announced that they are not participating. If you are having difficulty applying through your bank, we encourage you to contact a local community bank and ask if it will let you apply [...]

FAQ re Paycheck Protection Loans for Businesses2020-04-16T11:17:33+00:00

Coronavirus Update–Financial Remedies

Update: We have added additional blogs on key topics: FAQ re Coronavirus Stimulus Checks FAQ re Coronavirus Loans for Small Businesses Retirement Provisions of the Coronavirus Relief Bill We hope that you and your family are safe and healthy.  As economic losses continue from the coronavirus pandemic, South Carolina and the federal government have [...]

Coronavirus Update–Financial Remedies2020-03-27T13:18:15+00:00

Should Your Business Deduct Unpaid Customer Invoices?

A common question that clients ask us is this: "May my business claim a deduction when a customer fails to pay us?"  The answer is, "It depends." Every business must adopt a "method of accounting" in its first tax year.  This is the method by which it reports its income and expenses on its [...]

Should Your Business Deduct Unpaid Customer Invoices?2020-01-31T22:53:17+00:00

Employer Benefits of Using the EFTPS

Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations - whether they prepare and submit payroll taxes themselves or hire an outside payroll service provider to do it on their behalf. Background Many employers outsource [...]

Employer Benefits of Using the EFTPS2019-12-28T21:51:19+00:00

Tax Breaks for Business: Charitable Giving

Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know. 1. Verify that the Organization is a Qualified Charity Once you've identified a [...]

Tax Breaks for Business: Charitable Giving2019-12-28T21:48:14+00:00

Business Tax Provisions: The Year in Review

Here's what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health insurance coverage for their employees may [...]

Business Tax Provisions: The Year in Review2019-12-28T21:47:18+00:00
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