There are two different types of government business loans available to help small businesses stay afloat during the coronavirus emergency that are quite different in nature. The Paycheck Protection Program loans provide funding to continue paying employees during the crisis and the Economic Injury Disaster Loans provide vital economic support…
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Excess Retirement Plan Contributions Can Be Taxing
Article Highlights: Excess IRA Contributions Excess Contribution Penalty Correcting Excess IRA Contributions Applying the Excess to a Future Year Excess 401(k) Contributions Failing to Timely Correct 401(k) Excess Contributions Some individuals financially struggle just to be able to make a nominal contribution to their tax-favored retirement plan, whether it be…
3 Common Personal Income Tax Problems & How to Respond
Tax problems aren’t just a worry that hang over people’s heads from January through April every year. Many of them go far beyond the numbers that you report, and they can require additional evidence that your bank statements and paychecks can’t provide. Additionally, the IRS isn’t the only source of…
Who Owes You? 5 QuickBooks Online Reports That Can Tell You Fast
Quick: How many of your invoices are unpaid? Have any of your customers gone over 30 days past due? Did you bill all of the time and expenses for that project you just completed for a customer? If you’re doing your accounting manually, there’s simply no way to get that…
The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?
Article Highlights: Independent Contractors Non-employee Compensation 1099 Filing Requirement Due Dates Penalties Form W-9 and 1099 Worksheet If your business engages the services of an individual (independent contractor), other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar…