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Core Group

Small Business Tax Tips for COVID-19 Response

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Core Group

It just seems like the hits keep on coming in 2020, and as if there wasn’t enough for us to deal with already, we still have to think about taxes. 

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Does Your Small Business Need a CPA?

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Core Group

The CPA, the accountant, the tax guy, whatever you call them, most small business owners have someone to help them with their numbers. So, does your small business need a CPA?

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Small Business Lessons from Marathon Training

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Core Group

If you’re like me, you’ve heard the phrase a thousand times, this isn’t a sprint, it’s a marathon. I didn’t really understand the depth of that phrase until I ran a marathon. For most of us who haven’t ever run a marathon, we interpret the phrase as something like, don’t go too fast, this is going to take a while. Or we think, we’re not going to achieve this overnight. While both of these things are true, they are only partial truths.

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Tax & Accounting Services for Small Businesses

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Core Group

Previously I’ve written on 6 Keys to Hire an Accountant, now let’s discuss the different ways you can work with an accountant. There are many things an accountant or CPA can do for you, but we will focus on the ones that pertain to small business owners. Here is a list of services generally offered by tax and accounting services:

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6 Tips for Protecting a Small Business in the Age of the Coronavirus

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Core Group

Remember February 2020 Pre-Covid? Those good times feel like ancient history.

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Use Prior Year Net Operating Losses For Money Now

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Core Group

Net Operating Losses (NOL) are a great tool to offset income and reduce taxes. The CARES Act expanded the time frame business owners can use NOLs to reduce taxes.

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Roth IRA vs. Traditional IRA

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Core Group

Lots of questions arise during discussions about choosing the best IRA, regular or Roth. In general, your investment strategy should consider taxes (you can read more about that in this article), and that’s easy to overlook. You definitely don’t want tax to be the proverbial tail that wags the dog, but smart tax planning makes sure you keep more of what you earn.

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Core Process for Tax Planning

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Core Group

The average accountant waits for you to show up with a folder full of stuff around tax time, and you’ll hear from them only when it’s time to write a painfully large check. Once this annual ritual is complete, you part ways (while you lick your wounds) and dread the next time when you’ll start the process again.

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What Should Small Business Do Now That the SBA Is Out of Money

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Core Group

I will save my commentary until the end about this whole fiasco.  The SBA announced yesterday that they are out of funding for the Paycheck Protection Program (PPP) and the advances on the Economic Injury Disaster Loans (EIDL).  You did not get your application in, or you did, and you didn’t get any money.  Now what?

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Paycheck Protection Program or Tax Credits: Which Is Best for Your Small Business in the Time of Covid-19?

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Core Group

Wow!  What a whirlwind the last week has been.  Congress passed the CARES Act last Friday, and there is a ton in there to digest.  For a current summary of all of the provisions, check out our COVD-19 Page.  A lot of changes for all business owners, but let’s dig into one that is probably most urgent.   

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