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CARES Act: 5 Things You Need to Know For Your Business

Posted by Doug Carpenter to Taxes, Business Advice


After a rollercoaster of week in DC, the “Phase III” relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, became federal law on March 27, 2020. And instead of relaxing over the weekend, trying their hand at baking bagels or binging Netflix, business owners around the country scoured the internet for what the CARES Act actually is and how it can help them through this drastic economic crisis.

Our tax experts and CFOs have reviewed the final text to understand what this means for you and the options you may be able to take to protect your business and team. Here are five important things you need to know based on questions you might be asking yourself:

Which SBA Loan Is Right For Your Small Business Impacted by COVID

Posted by Tom Gabbert, CPA to Taxes, Business Advice


Small businesses were central in the negotiations of the over $2 trillion Coronavirus Aid, Relief and Economic Security ‘CARES’ Act, the largest economic emergency stimulus package in our nation’s history. The Small Business Administration (SBA) will have the authority to guarantee $349 billion in small business 7(a) loans, now called the Paycheck Protection Program, in addition to the revised Economic Injury Disaster Loan 7(b). It is important to look into each SBA loan and consider if either are a good fit for your SMB.

Breaking Down The Families First Coronavirus Response Act

Posted by Doug Carpenter to Taxes, Business, Startup Tips


Today, the Treasury issued new guidance for the Families First Coronavirus Response Act regarding COVID-related paid leave for workers’ health or to care for their families, as well as tax credits for businesses with 500 or fewer employees. With updates and new guidelines coming down every day, we wanted to breakdown what this new Act means for your small business. Reading the IRS website can sometimes feel like reading a foreign language. We’re here to make sense of it for you, so let’s dive in.

QuickBooks + inDinero: Not an Either/Or

Posted by Celene Robert to Taxes, Accounting, Business Advice


Which is better: QuickBooks or inDinero?

How does QuickBooks compare to inDinero? What are the advantages of using one over the other?

How do you convert from QuickBooks to inDinero, or vice versa?

We’ve encountered questions like these for years. The difference between QuickBooks and inDinero is a topic we run into frequently in our conversations with founders and business owners. And outside of those conversations, there’s no shortage of blog articles, Quora posts, and side-by-side reviews attempting to provide answers as well.

Pancakes and Pianos: A Primer on Business Tax Deductions

Posted by David Korb to Taxes, Startup Tips


Welcome to David in Taxland - a series of tax articles written for business owners. Spoilers: a deduction is a deductible expense – and – pancakes and pianos should be kept separate.

Do you find taxation confusing? I did. Then I became a tax accountant. I still find it confusing. Just not as much or as often. I write these articles to help you wrap your mind around key concepts and practices. I want taxation to make sense to you.

Hey, before we start, let’s get this out of the way: there are a gazillion articles out there on business deductions; many are worth reading. IRS Publication 535 Business Expenses is a very good guide. When you make tax-related business decisions, please rely on appropriate and legit sources, not blog articles—especially not mine. When in doubt: study, learn what you can then talk with a tax pro. Enough about that. Let’s get right to it.

Angel Investors + 4 Other Ways To Fund Your Startup

Posted by Rae Steinbach to Taxes, Startup Tips


You already know your startup needs funding in order to succeed. No matter how strong your vision is, without sufficient capital, you won’t be able to bring your idea to life.

What you might not know is which types of startup funding are ideal for your goals and circumstances. This guide will clarify the topic.

The following are five common types of startup funding. As you strategize, consider which you should pursue.

Estimated Taxes, a Clever IRS, and a Well-Dressed Mobster

Posted by David Korb to Taxes, Startup Tips


Welcome to David in Taxland - a series of tax articles written for business owners. Spoilers: all income is taxable unless it’s not and the moral to the story is to pay and file your taxes on time.

Taxable income is cleverly defined by the IRS. Instead of making certain types of income taxable, and leaving the rest not taxable, it took an opposite position: all income is taxable—unless it’s not. The basic idea is this: any increase in wealth for a taxpayer (individual or business) is taxable unless the IRS provides a specific exclusion or deduction. Note: income can be cash or non-cash (such as fringe benefits).

Five Common Reasons Small Businesses Fail

Posted by Rae Steinbach to Taxes, Startup Tips


As a small business owner, you might be worried when you find out how frequently small businesses fail. Especially when you read that according to the Small Business Administration, only about half of all businesses survive past the first five years.

Statistics like that can be troubling, but you shouldn’t let it deter you from your dream to start your own business. A wide range of factors can come into play when a business fails, and there is a lot you can do to protect your business. One thing every small business owner should do is to find out the different causes of small business failure so they can learn how to avoid them.

Why Net Operating Losses are Valuable but Limited

Posted by David Korb to Taxes, Startup Tips


The Story of Nolan, an NOL and a Very Bad Haircut

Welcome to David in Taxland—a series of tax articles written for business owners. Spoilers: this article only considers C-corporations. Hint: don’t be like Nolan. Future articles will bring happier subjects, shorter articles and, of course, Al Capone.

Businesses are usually created for profit, but many operate at a loss in the early years. In Taxland, a business is profitable when it has more revenue than deductions. If it has more deductions than revenue, it’s operating at a net loss—it has a Net Operating Loss, an NOL. We call a C-corporation with an NOL a loss corporation.

Should You Convert Your Company to a C Corp?

Posted by Celene Robert to Taxes, Business Advice

Some companies are better equipped than others for growth. The difference can come down to something as seemingly simple as business structure—not leadership vision, not go-to-market strategy, but the details of an incorporation document. Specifically, we’re talking about the distinction between an LLC and a C corporation.

If you own a startup, chances are good your business is structured as an LLC (short for limited liability company). Chances are also good your business could benefit from converting to a C corporation (AKA “C corp”).