Pandemic Relief Round Two – What’s in it for Small Businesses?
Congress passed a second round of COVID relief last week - what does this mean for small businesses? Payroll Protection Program (PPP) Loan Forgiveness Last spring, Congress made the forgiveness of PPP loans tax free. The IRS then misinterpreted the law and made...
Financial Statement Basics – What is a Balance Sheet and What Does It Mean?
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...
Three Keys to Getting a Mortgage for Business Owners
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...
Why Most Internal Bookkeepers Fail
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,...
SBA Releases Simplified Form for Debt Forgiveness by PPP Loan Recipients of $50,000 or Less
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...
A New Approach to Finding Affordable Health Insurance for your Business
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...
How to Avoid Receiving Letters From the IRS
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...
What Tax Planning Can Do for You
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...
Three Tax Mistakes Real Estate Agents Make
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...
Should I File Separately From My Spouse?
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....