Congress passed the Families First Coronavirus Relief Act (FFCRA) to soften the financial impact of nationwide lockdowns. One notable benefit of this program is government-backed sick leave for employees. Self-employed workers and freelancers can also tap into this program by claiming FFCRA tax credits. However, you must meet specific criteria to qualify for these benefits […]
Category: Tax Tips
How to Use an ACH Transfer to Save on Invoicing
Payment processing fees can add up. A few percentage points may not seem like much, but these fees can add up to thousands of dollars in extra costs by the end of the year. Requesting payments via ACH can result in significant savings over third-party invoicing services. ACH transfers are typically free, so you can […]
Quickbooks vs Xero: Which Is The Best Accounting Software?
One of the most important decisions you can make for your accounting process is which accounting software to go with. There are several different options available, but the two that reign supreme are Quickbooks and Xero. Both are very powerful and boast impressive features. So which one should you choose? Let take a look at […]
Obamacare and Your Taxes: 2020 Edition
The Patient Protection and Affordable Care Act (ACA), aka Obamacare, came into effect in 2014. Some of the rules changed over the past few years, but it still affects your taxes. President Trump eliminated the penalty for non-coverage, but most of the Obamacare provisions still apply. This brief guide explains how the ACA affects your […]
How to Apply for Paycheck Protection Program Loan Forgiveness
The coronavirus pandemic forced many businesses to close their doors. Unfortunately, the lockdown has a disproportionate impact on smaller firms. Congress recently passed the Coronavirus Aid, Relief, and Economic Security or CARES Act to help the country survive the economic downturn that resulted from the nationwide lockdown. The CARES Act established several relief programs, including […]
NAICS Codes List for Sharing Economy: Quick Reference Guide
When you’re filling out paperwork for your business, you might have come across a question that asks for your business’s NAICS code. Most people don’t know what this is about, but it’s just a numbering system the government uses to classify your business. The system doesn’t have a number for everything, so sometimes you just […]
How Do I Set Up a Payment Plan with the IRS?
The tax deadline is just a few short weeks away. Your tax return and tax payment are both due on the tax deadline. In instances where your tax bill is more than you can afford to pay, you have the ability to set up a payment plan with the IRS. Here we will walk you […]
Countdown to Tax Day 2020: The July 15 Deadline
Tax day 2020 is right around the corner, so it’s time to start thinking about taxes. If you haven’t prepared your 2019 taxes yet, now is a good time to get started. The IRS extended the 2019 tax deadline to July 15 as a result of the COVID-19 pandemic, so taxpayers had three extra months […]
The Easy Way to File a Tax Extension
Taxes can be a very time-consuming process. Of course, you want to take your time, and go over everything carefully to avoid any misrepresentations like underreporting your income. Unfortunately, small business owners don’t usually have a lot of time on their hands. However, you don’t want to rush your taxes so just to meet the […]
Estimated Tax Planning For Airbnb Hosts
Airbnb has risen in popularity over the last several years for both travelers and individuals looking to make an extra income. However, Airbnb hosts have to deal with tax ramifications. Many hosts are surprised to find out they owe estimate taxes on their earnings. Here, we’ll outline Airbnb estimated taxes and tax planning tips to […]