by John Estess | Jul 10, 2021 | Accounting, Small Business Accountant, Small Business Finances, Small Business Toolkit, Tax Planning
You may have heard Ben Franklin’s famous saying,” ‘In this world nothing can be said to be certain, except death and taxes.” Business owners may not be able to avoid paying taxes entirely. However, there are ways to reduce your tax liability. ...
by John Estess | Mar 20, 2021 | Hot Topics, Tax Planning
If you are one of the millions of Americans who collected unemployment benefits in 2020, you may be in for a surprise. Many do not realize that unemployment income is taxable. If you do not set aside money to pay these taxes or have them withheld, you could owe...
by John Estess | Feb 23, 2021 | Accounting, Small Business Accountant, Small Business Finances, Tax Planning
The Employee Retention Credit is a fully refundable tax credit for employers based on qualified wages that Eligible Employers pay their employees (wages paid after March 12, 2020 through December 31, 2020 CARES ACT and January 1, 2021 through June 30, 2021 CAA 2021)....
by John Estess | Jan 15, 2021 | Accounting, Coronavirus, Hot Topics, Small Business Accountant, Tax Planning
Tax scams are becoming far more frequent and sophisticated due to the conditions of the pandemic. According to IRS Commissioner, Chuck Rettig, “Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to try...
by John Estess | Nov 18, 2020 | Accounting, Hot Topics, Small Business Accountant, Tax Planning
The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) brought changes and simplified the process of filing tax returns for millions of Americans. Although most changes had a positive impact, there was a lot of confusion regarding business...
by John Estess | Sep 30, 2020 | Accounting, Hot Topics, Small Business Finances, Tax Planning
There are various deductions that freelancers and self-employed workers qualify for if they file Schedule C or Schedule C-EZ. If you were self-employed during the previous year or earned any freelance income on the side, remember these five tax breaks: ...
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