Flex Tax and Consulting Group (FTCG)
With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly […]
How Many Whole or Partial Rooms Can You Use for Your Home Office? Read More »
You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes
Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary Read More »
Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business. Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the
Working at Home? Don’t Overlook These Deductions Read More »
How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. Get ready to
Government Clarifies PPP Loan Forgiveness for the Self-Employed Read More »
If you operate your business as a partnership or an S or C corporation, you face entity-specific Payroll Protection Program (PPP) loan forgiveness rules that apply to you as an owner-worker in the business. The rules that apply to you do not apply to the rank-and-file employee group. The government puts you, the owner-worker, in
PPP Loan Forgiveness for Partnerships and S and C Corporations Read More »
The PPP free-cash program to assist businesses during the COVID-19 pandemic is gaining traction and clarity. If you operate your business as a partnership, you have several recent developments that make the free-cash program more to your benefit. Partner’s Self-Employment Income Creates Cash and Forgiveness Just as sole proprietors failed originally to ask for their
Six Insights into the PPP for Partnerships Read More »
Update as of June 3, 2020: Small businesses may soon find more flexibility in the Paycheck Protection Program (PPP) as a bill passed the House on Thursday that would extend the time in which companies need to spend funds and alter the rule that they must pay 75% of the funds on the payroll for
What Can You Spend Your PPP Forgivable Loan on? Read More »
You’ve submitted your tax return for the year, so now what do you do? Instead of shoving all your records into a disheveled pile in a closet, now is a good time to get organized. Here are some tips on organizing tax records after you file to make sure you’re ahead of the game next year.
Organized Your Tax Paperwork Read More »
Depending on your business type, there are different ways to prepare and file your taxes. When it’s time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as
How to File Federal Income Taxes for Small Businesses Read More »
Have you ever thought about starting your own business? Starting a company today is both harder and easier than ever before. It is more challenging because a larger number of opportunities have been capitalized on, and a greater number of people appear to be trying. If you are thinking of starting a company, then one
Business Structures that Start-Up Companies and Small Business Should Know Read More »
Start-up Business Consultants and Software Engineers, particularly those in the early phases of their careers. To face some unique tax complexities and tax planning opportunities due to their career path. Flex Tax and Consulting Group works with many of these consultants and has even given on-site tax seminars at several consulting firms. This article attempts to
What Start-up Business Consultants and Software Engineers Should Know About Their Taxes Read More »
Taxpayers can follow these three steps to use new Tax Withholding Estimator All taxpayers should use the new Tax Withholding Estimator to do a Paycheck Checkup. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. The money withheld from an employee’s paychecks throughout the year should cover
New Tax Withholding Estimator Read More »
You have been operating your business as a sole proprietor for several years. Lower Your Employment Taxes by Operating as an S Corporation. Now, as the business is growing, you are thinking about incorporating as an S corporation in order to limit your liability, avoid double taxation of corporate profits, and to make it easier to obtain
Lower Your Employment Taxes by Operating as an S Corporation Read More »
