Tax season can be a confusing and overwhelming time for many individuals and businesses. With numerous forms to fill out and calculations to make, it’s essential to have a clear understanding of each component of your tax return. One vital form that often perplexes taxpayers is Schedule S. In this blog post, we will provide
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The Basics of a Solo 401(k)
When it comes to planning for retirement, it’s crucial to explore the different retirement plans available to achieve your financial goals. One increasingly popular option for self-employed individuals or small business owners is the Solo 401(k). In this article, we will provide an overview of what a Solo 401(k) is, who is eligible for it,
READ MORE“S” verses “C” Strategy
“S” verses “C” Strategy Most small companies start out as a sole proprietorship which is the easiest and most economical way to start business. It takes 3 to 5 years for any business to mature and to become profitable. Sole proprietorships file their tax returns together with the owner’s individual return on Schedule C. This
READ MORECRADLE TO GRAVE
CRADLE TO GRAVE In my journey as a long time accountant and confidant for the family, I found myself the administrator of Mitzi and Ed’s estate. I will be in Maui attending Mitzi‘s funeral and delivering the eulogy as part of a traditional Catholic ceremony. It has been a long journey, and I want to
READ MOREEMPLOYEE RETENTION TAX CREDIT
EMPLOYEE RETENTION TAX CREDIT Back in 2022, during the Pandemic the government offered 2 programs for financial relief – The Payroll Protection Program loan (PPP) and the Employee Retention Tax Credit (ERTC). Both programs were designed to help employers keep their employees in spite of declining sales and loss of business during the Pandemic. It
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