Accounting Tips For Entrepreneurs

Many small business owners have now received proceeds from their Payroll Protection Program (PPP) loan. These individuals at now looking at how they can maximize the amount of loan that can be forgiven. This episode gives the guidance provided by the Loan application published on May 15th, 2020.

Now that small businesses have started to receive proceeds from their Payroll Protection Program (PPP) loans, how does forgo the forgiveness portion work? In other words how can businesses avoid having to pay back the proceeds? We have some answers now, but many questions remain. This episode discusses both what we know so far and questions that must be addressed in the very near future.

The CARES Act, the new law that passed on March 27, 2020 contained provisions to assist small businesses and individuals through the Coronavirus pandemic. The Paycheck Protection Program (PPP) was the largest small business program in the law. This episode explains the changes that have taken place since the law was adopted.

The CARES act which was signed into law on March 27th, 2020 contains many provisions aimed at aiding both individuals and small businesses. This episode breaks down the major components of the new law.

It’s tax season and although there are always individuals attempting to steal your identity, tax time provides additional opportunities. This episode is meant to inform you and minimize your chances of becoming a a victim.

The a tax Cuts and Jobs Act changed many laws in 2018 and the SECURE Act both implemented new legislation as well as extended some important provisions of the law previously allowed to expired at the end of 2017. This episode explains the most pertinent aspects of these changes and extenders.

The SECURE Act passed in December of 2019 extended a number of expired provisions that help taxpayers. Additionally, provisions were added which mostly helped taxpayers. This episode explains the most important provisions.

In December of 2019 a new tax law was passed that has major provisions affecting retirement plans. This episode highlights the provisions most likely to affect you.

As the owner of a business, you have many facets that you are required to manage. Are you allocating you’re time properly between them? In other words, are you using your time in the most effective way possible? If not, this can wreak havoc on your business.

Most individuals open their own business because they are excited to sell their product or service. Very often they are not prepared for all of the regulations and paperwork that follow and it causes them to feel overwhelmed. This episode discusses how to alleviate the stress.

There are a variety of legal settlements that taxpayers may receive. Some legal settlements are taxable and some are not. This episode eliminates the mystery and explains when a legal settlement is taxable income and when it is not.

Required Minimum Distributions (RMDs) were placed into law to make taxpayers with income in retirement plans, which they have not yet paid tax on, to start taking this money and pay tax on it. This can increase your income and under the new tax law with it’s higher standard deductions an itemized deduction to a charitable organization may not yield any benefit. This episode explains a way to net your RMD with a charitable deduction!

When individuals sell or exchange property they often enjoy certain tax benefits. Some of these benefits are long term capital gain treatment, installment sale reporting and the ability to report losses. These rules are generally nonexistent when selling to related parties. Please don’t fall into these traps.

If you own a cash based business there are some strategies that can still be legally implemented at the end of the year. This podcast covers the most effective strategies that can literally save you thousands of dollars!

There has been a lot said about the reduction of the corporate income tax rate to 21%. This episode explains the reasons you may want still want to elect S corporation status as well as some traps to be aware of.

This episode clears up the mystery surrounding what Required Minimum Distributions are and what the requirements are for individuals.

There are various entity types available for businesses. Your business may be structured as a sole proprietorship, partnership, S corporation, C corporation or even an LLC or LLP. The way you deduct health insurance differs based on your entity type and this episode explains the differences.

This episode explains how a taxpayer that wishes to convert his/her home to a rental property can save money by first selling the home to an S corporation.

According to a recent survey assisted living facilities are nearing $50,000 per year and nursing homes are edging closer to $100,000 per year. Learn how to expense these costs as medical expenses.

The Tax cuts and jobs act had many provisions that both helped and hurt individual taxpayers, however almost all the rule changes for business were positive. This episode explains how to utilize the new law to reduce taxes on your pass thru business and ultimately reduce your income tax bill.