Tax Deduction Tips When Working From Home
A report by Gallup indicates that the number of people working from home has jumped from 28% in April 2020 to almost 46% in September 2020, showing a rising trend. So how does this affect your taxes?
A Checklist for Filing Your First Tax Return as a Small Business Owner
2020 was the year that many dreams turned into reality as the health crisis and resulting economic climate spurred many people to start their own businesses. Business Insider recently reported that the number of new businesses applied for in 2020 had reached a 13 year high. If you started your business in 2020, the transition may make you feel apprehensive about filing your taxes for the first time as a business owner, so in this month’s blog we have put together a checklist of items you can use to get prepared.
2020 Wrap Up: End-of-Year Tax Tips
We’ve reached the end of the year; the time of year where you’re working on closing out your books for the calendar year. You may have already started planning for the new year and have set goals for 2021, but before you do, it’s important to look back at 2020 and...
Small Business Guide to Income Taxation
When starting a small business, one of the most important decisions you will make up-front is how you’re going to structure and register it with the state and the federal government. How your business is structured will affect how you are categorized for income tax...
Client Feature: Steven Clausen of Clausen Automotive and P&B Truck Accessories
Fueled by a desire to be self-employed and to use the skills he learned working at Chevrolet, Steve set out to purchase his own shop in 1975. The garage was originally located on Milwaukee Street in Madison, WI. Back then, Steve worked on cars and trucks that had carburetors, points, and plugs. All of these are now things of the past and Clausen Automotive has since transitioned to its current location on Stoughton Road, where the types of cars they work on have also evolved… More on that to come.
The 3 Tax Extenders that Could Save You Money
As part of the Appropriations Act of 2020 that was signed into effect at the end of 2019, several tax laws were extended (sometimes called the “extenders”) that had previously expired on December 31, 2017. Three of the more common tax items that were extended include...
The Paycheck Protection Program Loan: What You Need to Know About the PPP Loan Forgiveness Application
It’s no secret that the coronavirus has substantially impacted our economy. If you’re a business owner, chances are you applied for one of the business relief programs that were made available as part of the CARES Act (Coronavirus Aid, Relief, and Economic Security...
Client Feature: Dick Powell of Powell Petroleum
Dick grew up in an entrepreneurial household with a father who worked full-time as a farmer and operated a trucking company as a second business. Dick graduated from Iowa State University with a BS degree in Agriculture. Upon graduation, he accepted a job with Amoco Oil in the fertilizer manufacturing business. While at Amoco, Dick served as the bridge between Amoco and the petroleum marketers who re-sold Amoco petroleum products.
I Can’t Afford My Tax Bill, What Now?
When tax time rolls around, you may be wondering, “what happens if I can’t afford my tax bill?” Perhaps you file on time but know you won’t be able to pay your bill in full. Or, maybe you weren’t expecting a tax bill at all and don’t have enough money saved to pay. If...
A Guide to Tax Deductions & 3 Common Deductions to Take
When tax time rolls around and your bill starts adding up, tax deductions can be a big money saver. As long as you know what they are and how to take advantage of them. Here’s a quick guide to tax deductions and the three most common deductions to take. What is a Tax...
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