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Summer Reminder: Safe Harbor Rules for Rental Real Estate

The summer vacation season here, and everyone is ready to travel. If you own rental real estate, make sure you’re taking advantage of the tax deductions and savings opportunities available to you. The qualified business income (QBI) deduction was arguably one of the more complicated changes in the Tax Cuts and Jobs Act. Through QBI, eligible businesses have the potential to reduce their tax bills. Part of the final regulations…

Are You Paying Yourself Correctly?

As a new business owner, you have plenty to keep you up at night. But nothing is more stressful than bookkeeping woes.  One of the most common errors in a small business relates to how the owner takes payment. Owners need to be careful about how they pay themselves because it affects their books and their taxes. The foundation of payroll is business type. The next step is understanding the…

The Pros and Cons of Hiring Contractors vs. Employees

When you’re ready to expand your business and grow your team, you generally have two options for increasing your workforce: hiring employees or engaging independent contractors.  Both options have pros and cons, and determining which is right for your business comes down to your individual needs and preferences. Keep in mind, the U.S. Department of Labor (DOL) draws strict distinctions between these two groups, and you could be heavily fined…

American Rescue Plan Act Signed into Law, Contains Several Tax Provisions

The American Rescue Plan Act (ARPA) of 2021 passed Congress, and President Biden signed the bill into law on March 12.  The ARPA approves $1.9 trillion in spending for individuals, businesses, governments and certain industries impacted by the COVID-19 pandemic. The third act in a year, the ARPA approves additional economic impact payments for individuals; the extension of federal unemployment benefits; additional funds for Paycheck Protection Program (PPP) loans and…

Managing Your Business in an Economic Crisis

Tips for now and the future Economic downturns are an inevitable reality every business owner will face at some point in their lives. During challenging times, business owners have difficult decisions to make about the future of their business that affect them, their employees, vendors, clients, and communities. It is an enormous responsibility to bear, but you can take steps to prepare for these seasons of life. Optimize your books…
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