Few business owners understand the wealth of information contained in their balance sheet and profit and loss statements.  Your financial statements tell people how your company is performing, but they may be speaking a language you don’t yet understand. Every tax...

If you are a business owner who is looking to secure a mortgage, there are a few key concepts to remember. First, apply to a mortgage company that actually makes mortgage loans to business owners.  Most do not, so be sure to ask this question up front.  If you near...

Running a business without financial information is next to impossible.  You can never figure out if you’re making a profit.  You never know how much money is in the bank.  Big tax bills are an annual and unwelcome surprise. You may suspect your bookkeeper is failing,...

Good news for small businesses that received Paycheck Protection Program (PPP) loans of $50,000 or less! On October 9, the Treasury and U.S. Small Business Administration (SBA) announced that those recipients can now utilize a simplified application to request debt...

For this post, we are featuring the wisdom of one of our loyal S&K friends and clients, Bill Schmidt from Integrated Insurance Solutions, Inc. in Ashburn, VA. Bill is an expert on health insurance for small businesses, and the following is his insight on finding...

Every year the IRS issues millions of tax bills for items of income not reported on tax returns.  For example, if a taxpayer received a pension distribution during the year, but did not report the distribution as income, the IRS sends a bill for the taxes on the...

Last tax season more than a million taxpayers got nasty surprises when filing their income tax returns.  In prior years, they received small refunds or owed just a little.  However, due to changes in the tax withholding tables, many owed $10K or more. Tax planning can...

While many parts of the economy have seen a massive slow-down because of the Coronavirus pandemic, the Washington, DC-area real estate market has hardly faltered. If you are a local real estate agent, chances are you are busier than ever.  Don’t let your busy routine...

Many times each year, clients ask us if they should file separately from their spouses to pay less in income taxes.  To define this issue a bit, married couples can file their tax returns using one of two statuses: Married filing jointly or Married filing separately....

Just when I thought it was safe to come out of my bunker and start working on PPP forgiveness applications, Congress changed the rules. Thankfully for you, you aren't alone in figuring it out. S&K CPAs is here to help Both houses of Congress have passed the...