by Steve Perry | Aug 30, 2020 | Small Business Accounting, Tax Planning, Tax Preparation
Businesses can deduct most of the costs of doing business even if it shows a loss on the tax return. If a taxpayer has a hobby that generates income, direct expenses can also be deducted. This is where the similarity ends. A hobby cannot lose more than gross...
by Steve Perry | May 1, 2020 | CARES Act, Small Business Accounting, Tax Planning, Tax Preparation
During this time, businesses are doing everything they can to stay solvent. The Federal Government is helping with Payroll Protection Program(PPP) and Emergency Injury Disaster Loans (EIDL). Of course, with any government program there are hidden...
by Steve Perry | Jan 23, 2020 | Small Business Accounting, Tax Preparation
While many are not familiar with the term gig economy, most are familiar with some of its components. These include ride sharing such as Uber or Lyft, and Airbnb. In fact, according to the Federal Reserve, a full third of Americans are involved...
by Steve Perry | Dec 2, 2019 | Small Business Accounting, Tax Planning
Welcome to December! Where has 2019 gone? Now is the time to start preparing for year end closing and the 2019 tax return. Here are a few steps to take now to be prepared to meet your tax professional. If you have competent accounting...
by Steve Perry | Nov 18, 2019 | Small Business Accounting, Tax Planning
Many business owners choose to hire family members to help with the business. They do this for any number of reasons. This can work very well if the family members are qualified and willing. Family members generally lower cost labor. I won’t get into all the potential...
by hollytga | Aug 16, 2019 | Small Business Accounting
Most business owners know that if they are going to produce a product or service there are some, identifiable costs of doing business. These include costs of materials, labor, rent and utilities for the building, and marketing. But are these all the...
