Year-End Tax Planning Tips for Small Businesses

Posted by MKW, LLC on December 16, 2021

Small business owners need to plan for the 2021 tax year, even though there's still significant uncertainty about the fate of the tax proposals currently being discussed by Congress.  Are there any tax-smart, last-minute moves that could help lower your taxes this year?  Here are five strategies for you to consider as you wrap up 2021.

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Tags: Accounting, CPA, Value of Business, Company Worth, Market Conditions, Year-end tax planning, small business, tax planning

Choosing a Business Structure

Posted by MKW, LLC on November 09, 2021

After years of declines, new business formation is on the rise, according to the most recent statistics from the U.S. Census Bureau.  For individuals pursuing the dream of exercising their entrepreneurial muscles, they will face the same question, "Which business structure should I adopt?"  Each option is presented in this post with its own set of pros and cons. 

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Tags: Accounting, CPA, C-Corporation, Limited Liability Company, Sole Proprietorship, Partnership, C-Corp, S-Corp, S-Corporation, LLC, Business Structure

More to Business Valuation Than Meets the Eye

Posted by MKW, LLC on October 27, 2021

Most business owners know the basics of the business valuation process.  For example, you might know that there are three approaches to value: the cost, market and income approaches.  You might even know some of the methods that fall under these approaches, including the...

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Tags: Accounting, CPA, Business Valuation, Valuation Analyst, Regulatory Environment, Competition, Industry Outlook, Webinar, How Much is My Company Worth, Value of Business, Company Worth, Market Conditions

Don't Miss Your PPP Loan Forgiveness Deadline!

Posted by MKW, LLC on August 30, 2021

Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000.

The PPP program stopped accepting loan applications on May 31, 2021. However, you still may need to complete the requisite forms to ensure that your loan will be forgiven. You can't afford to miss the deadlines for filing this paperwork.

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Tags: Accounting, PPP, CPA, Deadline, PPP Forgiveness

11 Steps to Reduce Your Chances of Cyber Attacks

Posted by Craig Wilson on August 23, 2021

A man registers online for a fantasy football league, unaware of a shock ahead.

The site requires him to create a user ID and password, so he uses the one he always uses: his email address for his user ID and his birth date followed by his initials (lower-case) for his password. After registering, he logs in, pays the registration fee with a credit card, and starts playing.

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Tags: Book review, Accounting, Cyber Attacks, CPA, Cyber Attack, Internet, Internet Security, Cyber Security

Consider Using Advance CTC Payments to Start a College Fund

Posted by Collene Torres on August 16, 2021

If you're eligible for advance child tax credit (CTC) payments provided by the American Rescue Plan Act, you might wonder if you should spend the extra cash. Some families are incurring extra child-care costs so the parents can return to work. But others don't have any imminent child-care-related expenditures to cover.

Rather than spend the money on a trip to Disneyland or new smartphones, you might want to invest in your child's future by starting or contributing to a tax-favored Section 529 college savings plan. Here's what you should know:

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Tags: Accounting, COVID, CTC, Section 529, College Fund, American Rescue Plan Act

California AB-150: Small Business Relief Act

Posted by Rex Ours on August 09, 2021

On July 16, 2021, California’s governor signed Assembly Bill 150 (AB 150). Among other things, this bill includes the “Small Business Relief Act”, which allows taxpayers to receive a credit for their share of state and local tax (SALT) deducted from the net income on their federal returns for their qualified business(es). This elective tax payment will be available from January 1, 2021 through January 1, 2026.

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Tags: Accounting, COVID, IRS, California State Tax, Small business relief act, federal tax, Income tax

Want Information About Child Tax Credit Payments?

Posted by George Chahinian on August 04, 2021

About the Child Tax Credit (CTC) and advance payments

Taxpayers are allowed a CTC for each qualifying child. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act (ARPA). It phases out for taxpayers with adjusted gross incomes (AGIs) over certain thresholds.

Eligible families will receive up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and older.

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Tags: Accounting, COVID, Child Tax Credit, CTC, IRS

The Federal Employee Retention Credit (ERC) & How it Can Help Bring You Out of a Cash Flow Slump

Posted by George Chahinian on July 12, 2021

Has the Government-mandated Covid shutdown brought your cash flow to a halt? Have you been able to operate, but still haven’t been able to get your revenues up to the level they were at before all the lockdown madness of 2020?  Here's a brief overview of how the federal Employee Retention Credit (ERC) can get you up to $33,000 (per employee) in refundable federal tax credits through the end of 2021.

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Tags: Accounting, COVID, Employment Tax, business, cash flow, Employee Retention Credit, payroll, ERC

Hit the Ground Running: 7 Steps for New Business Owners

Posted by Robert Hicks on April 01, 2021

Running a new business can be a daunting endeavor. As soon as you form a business, you'll face many important decisions, ranging from mundane to critical. While much of what you must learn comes through trial and error, other lessons can be learned by observing what other business owners have experienced. Here are seven tips to help you hit the ground running.

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Tags: Accounting, cloud accounting, business, cash flow