Entries by David Auer

What’s Going on with the Employee Retention Credit?

The Infrastructure Investment and Jobs Act ended the employee retention credit three months early. Key takeaways: The ERC is a tax incentive created so that employers would retain more employees during the pandemic. The credit was extended until the end of 2021, but the Infrastructure Investment and Jobs Act signed on November 15, 2021, ended […]

How Do I Amend a Business Tax Return?

You may need to file a tax return amendment for a business if there is a mistake on the original that impacts what you owe or there is new applicable information. Key takeaways: The IRS allows taxpayers to submit amended tax returns to correct an error that impacts the taxes owed or update relevant info. […]

The Biggest Business Tax Impacts of COVID-19

The government responded to the pandemic with assistance programs, many of which impact taxes for businesses. Here is an overview of some of the major changes. Key takeaways: The COVID-19 pandemic introduced major tax overhauls and assistance programs, including the Child Tax Credit, the Paycheck Protection Program, crisis recovery loans, and employer tax credits. After […]

A Guide to IRS Form 1099 — Non-Employment Income

Form 1099 is used to report non-employment income, like interest and contract work compensation. Learn more about the different types of income and who uses this form. Key takeaways: There are many types of income you must report to the IRS outside of employment income, including interest, dividends, real estate sales, retirement payouts, and contract […]

Do I Need Business Accounting Software?

Accounting software helps you gather business insights and run reports efficiently. Learn how to find the right option for your needs. Key takeaways: The benefits of accounting software include automation, data management, cost savings, report generation, and more. Steps to find the right software: Outline your goals Create a budget Run comparisons Watch or schedule […]

Business Cash Flow Analysis: The Essentials

A cash flow analysis shows the inflows and outflows to and from your business at a given time. It’s a crucial step in proper cash flow management. Key takeaways: Cash flow is the money moving in and out of a business. Poor cash flow management is the leading cause of small business failures. A cash […]

How to Define Your Company Values (and Why They Are Critical)

Core values help companies make better decisions, practice transparency, and align teams around a shared vision. Key takeaways: Company values are principles and ideologies that drive decisions and uncover and reflect the business’s identity. Values are crucial because they contribute to better company culture, goal achievement, and brand reputation. Tips for defining company values: Think […]

8 Most Important Small Business KPIs

It’s impossible to grow without the facts. Learn what essential business data you need to be tracking and how to do it. Key takeaways: Eight most important KPIs for small businesses: Customer acquisition cost Conversion rate Employee retention rate Operating cash flow Net income Website traffic Social media engagement Accountability Tools for tracking these KPIs […]

How to Hire Your Business’s First Employee

As a business owner, getting extra help is a crucial step towards growth. Here’s what you need to do when hiring your first employee. Key takeaways: Decide between a regular employee vs. contractor Get tax ID numbers Register with the labor department Gather the right forms Set up a payroll system Create a benefits strategy […]

Do I Have to File Multiple State Tax Returns?

Working in more than one state? You might need to file multiple tax returns. Key takeaways: You need to file multiple state tax returns if you live in one state and work in another, moved states and employers, or received income property from a place you own in another state. A non-resident is someone who […]