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...
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...
As 2021 comes to a close, we’ve gathered some ideas to lower your business taxes, get organized, and to prepare for filing your 2021 tax return. Identify all vendors who require a 1099-MISC and a 1099-NEC and obtain tax identification numbers (TIN) for each of these...
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...
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: 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...
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...
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...
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....
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...
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%...
The Shuttered Venue Operators Grant is available to businesses, nonprofits, and venues that have been hard-hit by the pandemic. The program includes over $16 billion in grants, administered by the SBA to eligible shuttered venues. The grant opens on April 8, 2021, and...
The American Rescue Plan Act establishes a $28.6 billion Restaurant Revitalization Fund (RRF) available for the SBA to award eligible businesses within the food and beverage industry, as a tax-free federal grant. The application to apply is not yet available but will...
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...
The second stimulus bill provides a roughly $900 billion COVID-19 economic relief package, delivering long-overdue assistance to businesses and individuals. Within this package, they have allocated $284.5 billion for the second round of Paycheck Protection Program...
Sunday night, President Trump signed the stimulus bill, which is a roughly $900 billion COVID-19 economic relief package, delivering long-overdue assistance to businesses and individuals, in addition to funding the delivery of vaccines to the nation. The bill provides...
The SBA released a streamlined loan forgiveness application for PPP loans totaling $50,000 or less. With this two-page application, fewer calculations and less documentation are required, however, it’s recommended to retain those documents and calculations in the...
The Wisconsin Economic Development Corporation (WEDC) has released phase two of the We’re All In Grant. About $50 million has been set aside, which will award $5,000 grants to Wisconsin businesses. Most businesses are eligible if their business operated prior to...