A virtual CFO (Chief Financial Officer) is, essentially, a financial wizard. They may not be able to cast spells or concoct potions, but the number of financial services they provide are enough to be seen as pure magic. However, while a standard CFO is in-house, a virtual CFO is outsourced, remote, and typically works on...
How to Implement Strong Tax Strategies for Business Owners
As a business owner, one of your responsibilities is to manage your tax obligations but implementing tax strategies for business owners can be overwhelming. However, with the help of tax planning, you can implement strong tax strategies. Implementing Tax Strategies for Business Owners Requires a Tax Plan Tax planning is a crucial aspect of managing...
R&D Tax Credit 2022: What You Need to Know Before Filing
As a business owner, you know how important it is to keep your expenses as low as possible while maximizing profits. One way to do this is by leveraging tax credits. The Research and Development (R&D) Tax Credit is a federal incentive that allows businesses to receive a tax credit for certain expenses related to...
Aligning Your Annual Plan with Your Business Tax Strategy
Aligning your annual plan with your business tax strategy is a great way to ensure your business is achieving its short-term and long-term goals. Your business tax strategy should be an important part of the overall business plan. It will help you: Maximize profits Minimize taxes Make more informed financial decisions Ensure the IRS is...
IRS Warns of Third-Party Employee Retention Credit Claims
The IRS has warned employers to be extremely wary of any third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties have started taking improper positions related to eligibility for and computation of the ERC. Third parties often charge large upfront fees that are...
2022 Changes for Unemployment Insurance Rates and Deposit Schedules
Be on the lookout for notices from tax agencies with changes to unemployment insurance rates and deposit schedules coming in 2022. Of note is Colorado’s increase to the taxable wage base from the current $13,600 to $17,000 in 2022. Passed in July 2020, SB20-207 raises the wage base by $3,400 each year beginning in 2022...
What’s in it for Me? Sales Advice from an Expert
There’s an old saying, “nobody cares how much you know until they know how much you care.” Although somewhat trite, this saying should be top of mind when reaching out to prospective clients or customers. It is the backbone of the five strategies Founder and CEO, Jay Abraham, of the Abraham Group has taught over...
2021 Child Tax Credit Reminder
Due to the American Rescue Plan, enacted March 2021, the 2021 child tax credit was raised from $2,000 per child to $3,600 for children 5 and under and $3,000 for all other ages. Additionally, this year’s credit is fully refundable – the $2,500-of-earned-income requirement is dropped. Another big change is half of the 2021 credit...
How being proactive can save you money!
Individuals and businesses are faced every year with tax preparation. This is compliance work required by a government entity to record and report the history of what occurred financially for the individual or the business over the course of the year. Tax preparation looks backward at what happened. Tax planning, on the other hand, looks...
Avoiding A Misclass
Are you misclassifying your workers? Under the Fair Labor Standards Act, a worker is entitled to minimum wage and overtime pay protections. The Wage and Hour Division is responsible for determining whether an employee has been misclassified as an independent contractor and has been denied critical benefits and labor standards protections. Employees also need to...