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Be Careful When Borrowing Money From Your Business

Published on September 15th, 2021

One benefit of owning your own business is being able to borrow money from it. But it’s critical that you borrow the money properly or you could end up with a surprise from Uncle Sam. Here’s how to prevent a business loan from potentially turning into an unexpected tax bill. The problem The IRS likes […]

Even Non-Income Tax States Have Taxes

Published on September 14th, 2021

With the increased popularity of working-at-home, you may consider moving to one of the nine states that don’t impose an individual income tax. Before doing so, you should understand how each of these states raises its revenue. And then consider how you can reduce your tax obligation in your current home state. Here’s some help. […]

Reminder: Third Quarter Estimated Taxes Due

Published on September 13th, 2021

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Wednesday, September 15th, 2021 Remember, you are required to withhold at least 90 percent of your current tax obligation […]

It’s BACK! Inflation is Among Us

Published on September 10th, 2021

Recent high inflation rates are driving up the price for almost everything and eroding the value of your money. With varying opinions on the potential duration of the current inflation surge, it’s important to understand the causes and how you can protect your money. Possible causes of this inflation While the root causes of inflation […]

Give Your Business an End-of-Summer Check-up

Published on September 8th, 2021

As summer winds down, your business’s financial statements may be due for a quick check-up. Here are several review suggestions to help determine the health of your business prior to year end. Balance sheet reconciliations. Reconcile each asset and liability account every quarter. A well-supported balance sheet can guide decisions about cash reserves, debt financing, […]

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