Disasters such as storms can deal massive blows to your business and community. Although inevitable, preparation can help you soften the impact and have your doors open for business again quickly
5 Tax Advantages of 529 Plans
Ah college. A chapter in our life where we can restart, redefine our path, leave the nest, and be free and independent, albeit shackled by the looming doom of student loans. Based on statistics, the total of student loan debts in the U.S. is $1.762 trillion and the...
ERC for Restaurants
5 ERC Quick Bites for Restaurants The pandemic restrictions left most people craving for their favorite meals and while the recipe recreation fad has somehow satiated this desire, still, nothing beats the ambiance and the food made by unknown hands at your local diner...
4 Spring Cleaning Tips
4 Spring Cleaning Tips for Your BusinessWith the rising temperature comes the unfolding of budding flowers which shied away during winter. The reinvigorating earthy scent of the warm wind that pulls and teases you to brighter and longer days that lie ahead. If this is...
Claim Your Employee Retention Tax Credit
You Can Still Claim Your Employee Retention Tax Credit The COVID-19 pandemic is almost over and people are ready to leave it behind.However, some things, specifically the offshoots of COVID-19, cannot be left for the books to tell; and for some, its aftermath will...
Saving For College
Writing Finis to Financial Worries: 5 Ways to Save for College As kids, the closest idea we had about having babies was playing with a Baby Alive. Nobody told us that raising a child goes beyond lullabies, feeding bottles, and diapers. Of course dolls can’t...
Mistakes To Avoid This Tax Season
We're only a few weeks out from the end of tax season. The IRS started taking tax returns for the 2021 tax year on January 24th. At MBE CPAs, we've compiled a list of three of the most common tax season mistakes you want to avoid. 1. Missing last-minute opportunities...
Employee Retention Credit 2021 Eligibility: Here’s What You Need to Know
For most business owners, 2020 and 2021 have been difficult due to shutdowns, operation limitations, finding and retaining employees, and all that had come with the COVID-19 pandemic. In late 2020, the Consolidated Appropriations Act was passed which created major...
Tax Preparation for Small Business
Running a business is a lot of work without adding the responsibility of preparing and filing your taxes as well. Preparing taxes as a small business owner can feel overwhelming, but it doesn't have to be! Use the resources below as a checklist to help you...
IRS to issue letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments
The IRS announced that it will issue letters to recipients of the Advance Child Tax Credit and to recipients of the third round of the Economic Impact Payments. We at MBE CPAs, highly recommend saving these letters to submit when preparing your tax return in order to...
Tax Relief for Business – Learn About The Qualified Disaster Relief Payments
LEARN ABOUT THE QUALIFIED DISASTER RELIEF PAYMENTS Employers are scrambling to find ways of helping their employees who were impacted by the novel coronavirus (COVID-19). There is a little-known reimbursement program that may help! Utilizing this reimbursement program...
Small Business Owners
Small Business Owners: Strategies That Most Business Owners Miss That Cost Them Their Hard Earned Money Revenue - Profit = Expenses: Set a target for profits and let that dictate what you have left to pay expenses. Four Buckets for Business Profits: Business profits...
Checklist for Self-Employed Entrepreneurs
Uncommon Tax Write-Offs That Most Self-Employed Individuals Miss Your Retirement Contributions For 2019, 2020, and 2021, the total contributions you make each year to all of your Traditional IRAs and Roth IRAs can't be more than $6,000 ($7,000 if you're over the age...
2020 Unemployment Income Tax Ruling Change
The unprecedented events of the past 18 months have impacted all of us in many ways, and your tax filings are no exception. After two tax years like no other, we are hopeful to get back to some normalcy. This year after the filing of 2020 tax returns had begun, rule...
Child Tax Credit – What You Deserve to Know
There’s no doubt about it the Child Tax Credit, part of the American Rescue Plan Act, will provide the largest child tax credit in history. While this credit will provide some much-needed relief for parents and families, there are two sides to this proverbial coin....
Tax Deduction Change on Food and Beverage Expenses
Who's buying lunch? The IRS recently provided guidance under the Taxpayer Certainty and Disaster Relief Act of 2020, that may have you volunteering to pick up the tab. The Act temporarily allows businesses to deduct 100% of restaurant meals and beverages that occur...
Food and Beverage Expense Tax Relief
The US Treasury Department and the IRS issued Notice 2021-25 on April 8, 2021, providing guidance on tax relief for temporary deductions of 100% on food and beverage expenses for restaurants. Previously, eligible food and beverage expenses were normally only 50%...
New Wisconsin Tax Laws Affect 2020 Wisconsin Tax Returns
On February 18, 2021, Governor Evers signed two bills, which provide additional tax relief by adopting federal tax law changes to improve Wisconsin tax laws. We've outlined the significant changes for 2020 Wisconsin Income Tax returns that business owners should be...