Category: Small Business

Tax FAQ for Tax Year 2020

Q: When are my taxes due? A: May 17, 2021 is the due date for individual tax returns – Form 1040 – and making 2020 income tax payments. But there are other due dates you may need to know too: April 15: 1st estimated tax payment for 2021 April 15: income tax return for C corporations Q: Is...

Read More
How Freelancers, 1099 Workers, and Self-Employed Can Deduct 20% of Business Income

Did you know that you can deduct 20% of your business income on your personal tax return? You can, thanks to the Tax Cut and Jobs Act (TCJA). The TCJA brought a lot of tax changes for small business owners. And if you're self-employed, a freelancer, contractor, or had any 1099 income - even from...

Read More
How To Fill Out Schedule C If You're Self-Employed

If you're self-employed, work as a freelancer or contractor, or have a side gig, you are a business. And that means you'll need to fill out Schedule C as part of your federal income tax return. When you use Schedule C, you can deduct business expenses against the money you earned to lower your income......

Read More
Get Ready for Smaller Paychecks Starting January 1

The Payroll Tax “Holiday” Comes Due Next Year You’re may be getting bigger paychecks now that the President’s “payroll tax holiday” has started. If you are, you need to prepare yourself for a big drop in pay starting on January 1, 2021. That’s because the payroll tax holiday is really just a delay. You still...

Read More
The New Rules for PPP Loans

They keep changing the rules – these are the latest Updated September 2020 Back when PPP (Paycheck Protection Program) loans first came out, there was a ton of confusion… and there still is. The rules have changed a bunch of times, and there’s legislation floating around right now that might change them again. But as...

Read More
Clearing Up PPP Loan Confusion

How to use the money for maximum loan forgiveness Updated September 2020 PPP (Payroll Protection Program) loan confusion has hit hard. Small business owners and self-employed people are scared to use the money the wrong way – but the rules have not been communicated clearly. That’s partly because new “interpretations” keep coming out, and partly...

Read More
1 2 3
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram