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The Difference: Taxes

Choosing the right business structure is one of the first steps in creating your startup, you will want to carefully examine your options as it will have a major impact on your business going forward.

Trimming expenses is something businesses must do in earnest to survive the economic downturn due to the pandemic. Like we do for personal finances, it might also be a good idea to add on a resolution for the new year to cut down business expenses. Here are some areas where your business may still have cost saving opportunities.

Planning to start a business partnership with a friend? Prudence demands looking at the pitfalls - as well as the potential strengths - of such relationships. Things could go wrong or it could be a successful partnership. But there are a few questions to consider.

The SBA with the help of US Treasury Department has reopened the PPP for both new and existing borrowers. Let’s simplify and find out what it’s all about and how you can make the most out of it. Here’s all you need to know:

If you are business minded, great business may ideas come to you all the time. When you are driving around and see a piece of land, you might think about the next great restaurant that could be built there. Or come across problems that you think you could solve easily. You may be thinking of giving up your 9 to 5 job and be your own boss to pursue your passion as an artist or a stylist.

Tax time comes around every year and we want to make sure you get the most out of tax write-offs. To get started, tax write-offs are expenses that can be deducted from your taxable income while filing for taxes, also known as deductibles. They are a great way to save money and maximize your return. Here is a list that will come in handy when the time comes, because as always we want to remind you, “Taxes don’t have to suck!”

Please note that these items are general guidelines applicable to the majority. Please reach out to us if you’d like a detailed checklist for your specific tax scenario depending on your industry, for e.g., business owners, delivery services, stock market investors, real estate investors, startup investors etc. please reach out to your Pro.

Tax time will look a bit different in 2020 as compared to previous years. The COVID-19 pandemic has impacted hundreds of thousands of individuals and businesses around the country which has resulted in new tax laws as well as changes to other laws due to coronavirus-related stimulus efforts. Let’s explore how COVID-19 may affect your 2020  individual tax return, business tax return, or both.