Congress Approves $900 Billion Covid-19 Relief Package. Here’s What You Need to Know
Update: As of 12/29, President Trump has officially signed the second round of Covid-19 relief into law. But, the Senate still may vote this week to increase direct payments from $600 to $2,000. Congress reached a deal on Sunday approving a $900 billion Covid-19 relief package. The long-awaited stimulus will provide billions of dollars in […]
6 Essential Steps to Starting Your Own Business
The fallout from the COVID-19 pandemic has left millions of Americans unemployed, wondering what comes next. But what if you could turn this setback into an opportunity? That’s exactly what over three million Americans are doing by starting their own businesses. In 2020, Americans are starting their own businesses at the fastest rate in a […]
5 Steps to Take Before Jan 1 to Save On Your Taxes
The tax rates are going down next year, so a deduction now is worth a lot more than it will be in 2018. On top of that, several popular deductions are disappearing next year or getting substantially limited. But if you act now, you can get the tax savings you had hoped to take in 2018 for your 2017 return. […]
4 Factors That Can Cause Tax Refund Delays
The arrival of tax season has brought about one of the chief concerns of the year for most people throughout the country: tax refund checks. For many Americans, tax refund money is one of the most significant sources of additional income during a given year. The majority of tax refund checks are between $2,000 to […]
The Potential Negative Effects of Section 280E and One-Sided Marijuana Taxation
Back in 1981, a court case took place which involved a cocaine trafficker who attempted to assert his rights to deduct ordinary business expenses under federal tax law. Section 280E was created as a direct response to this case. As we’ve discussed in our previous post, IRC Section 280E forbids businesses which generate income from […]
What These Two Cases Could Tell Us About the Future of Section 280E and Cannabis Taxation
The cannabis industry continues to change rapidly throughout the United States. Many states, including Washington State and Colorado, have legalized marijuana for both recreational and medicinal purposes. Other states have legalized marijuana strictly for medicinal purposes but may permit recreational use in the future. Because the recreational cannabis industry is relatively new, the industry still […]
4 Reasons To Hire A Bookkeeper For Your Business
It’s not always easy to know when it’s time to outsource your bookkeeping. Some small business owners can continue on without a bookkeeper longer than others. But as your business grows in revenue, size and complexity, hiring a part time bookkeeper will become a necessity. In this post, we’ll go over our top four reasons […]
The Ultimate Guide to Payroll Systems
Continuing with our series on bookkeeping services, in this post we’re going to introduce and discuss the topic of payroll systems. When you run a business, there are many, many tasks you have to perform in order to keep your business functioning smoothly. Bookkeepers can help you perform certain of these tasks, such […]
How the Republican Tax Plan Will Affect You
How the tax overhaul could affect your bottom line The Senate passed a long-awaited tax overhaul bill early Saturday morning. The bill, the biggest rewrite of the individual and corporate tax code in 30 years, would affect the pocketbooks of most Americans. It still has to be reconciled with a tax overhaul passed by the […]