’ll save the jokes for later and cut to the chase.  The quickest option to get money fast for your business is from your bank.  They have many more flexible programs than the SBA Disaster Loan Program.  In any event, these are all LOANS, and you must be creditworthy,...

I spent the weekend cooped up with a case of beer and guides to the tax law changes from the stimulus package that just passed Congress and was signed by President Trump. I expect that the fiscal fallout from the crisis will last a decade or more. Here is a pretty...

    While the world has been losing its marbles this past week, we at S&K CPAs have been bouncing back and forth from feverishly working on our clients’ tax returns and paying attention to what fresh changes there have been to the tax situation this season. Here’s...

Take your foot off the revenue gas pedal. Many business owners start retirement before retiring.  Keep growing revenue, profits, and cash flow.  Buyers are buying your customers and the revenue they bring.  Shrinking sales means a shrinking price. Many business owners...

Staying with SIMPLE plans.SIMPLE plans are a relic of the 1990’s.  You can consider them the poor man’s 401(k).  They allow for employee salary deferrals and have an employer matching component, but they come from an era when real 401(k) plans were expensive to setup...

For Your 401(k) Retirement Savings Plan, Which Powerful Benefit Would You Prefer? An immediate tax break with a Traditional account Tax-free withdrawals with a Roth account Even better, what if you didn’t have to choose? Roth vs. Traditional 401(k)s: A Taxing Dilemma ...

CPA’s and EA’s (Enrolled Agents) at S&K CPAs have a commitment to continuing education on new tax laws. I reviewed the 2018 tax returns for a small construction contractor prepared by an uncertified preparer.  The business was profitable, so I expected...

Not having a system to collect their deductions. Real estate agents hustle more than almost any other profession.  In the morning, they might work on promotional materials in the office, show houses to prospective buyers in the afternoon, and attend...

Every year the IRS issues millions of tax bills to taxpayers 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...

At least a hundred times per 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, Married filing...