Entries by David Auer

8 Cash Flow Management Tips for Entrepreneurs

Entrepreneurs have to carefully balance the money coming in and out of their business. Here are a few tips to help you manage the bottom line. Key takeaways: Cash flow is the money that comes in and out of the business, culminating in net cash after expenses are paid. 8 cash flow management tips for […]

8 Useful Tax Tips for 2021

Key takeaways: 2020 taxes are done, and it’s time to start preparing for filing 2021 taxes Top 8 tax tips: Get to know the new tax brackets Pay estimated taxes on time Keep records organized Master the home office deduction Prepare to file electronically Classify your business properly Deduct charitable contributions Get help from a […]

What to Know about Tax Brackets and How They May Change

What are the income tax brackets and how do they work? Here is an overview. Key takeaways: There are seven tax brackets currently ranging from 10% to 37% You don’t pay the same percentage on all your income; each portion of income is taxed at a different rate The Biden Administration has said it wants […]

A Basic Guide to Depreciation for Small Businesses

As a small business owner, you can deduct depreciation that your assets experience over time. Here’s what to know about depreciation and how to calculate it. Key takeaways: Depreciation is the loss of value an asset experiences over time Small businesses can deduct depreciation from assets like cars, property, and equipment There are three methods […]

Top 7 Reasons You Need to Hire an Accountant

Many Americans take advantage of online tax platforms and do the heavy lifting themselves. But when your situation is a bit more complicated, you need a certified public accountant (CPA) Key takeaways Top 7 reasons to hire an accountant: You’re starting a business You need small business tax planning help You’re self-employed You need to […]

Are Unemployment Benefits Taxable?

If you were one of the millions of Americans who received unemployment, here’s what you need to know about taxes. Key takeaways: Unemployment benefits are taxable after the first $10,200 Some states don’t require an additional state income tax Use Form 1099-G, which you should receive from the IRS The COVID-19 pandemic led to record […]

When Should I Itemize Tax Deductions?

The standard deduction is the simplest way to do your taxes, but sometimes itemizing will save more money. Learn how to start calculating and which route to choose. Key takeaways: Itemizing deductions means you will list all eligible expense deductions on your tax return instead of claiming the standard. Most Americans claim the standard deduction […]

What Basic Documents Do I Need to Do My Taxes?

If you have several avenues of income or lots of opportunities for deductions, gathering the right tax forms and documents can seem overwhelming. Here are the basics to help guide you. Key takeaways Documents and records you’ll need for your taxes: Income tax forms (W-2, 1099s, etc.) Investment income and retirement information Tax forms for […]

Succession Planning and Taxes: What You Need to Know

If you own a business, planning for future transitions and taxation should start now. Key takeaways Business structure matters for taxes, whether it’s a pass-through entity, S or C corporation, or another entity The Tax Cuts and Jobs Act lowered the corporate tax rate, and it also created the qualified business income deduction for pass-through […]