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How to Expertly Manage Your Business’s Bookkeeping with Little to No Experience

by Tracey Hrica, EA Apr 29, 2021

A Beginner's Guide to Bookkeeping No one enjoys bookkeeping.  Unless you are an accountant.  There’s nothing better than shouting, “I’m in balance!” after doing a bank reconciliation. But I digress. Although bookkeeping may be about as fun as a root canal, as a small business owner, one of your essential jobs is learning to keep accurate books. If you want to have a successful business, having your books in order is a must. In...

What Business Meals are Now 100% Deductible per the IRS?

by Tracey Hrica, EA Apr 12, 2021

Are you confused about what rules currently apply to meals and entertainment expenses? I don't blame you.  The tax treatment of these business-related expenses has had shifting requirements over the last few years. The Consolidated Appropriations Act(CAA), which became law at the end of last year, included a taxpayer-friendly change in these requirements. The law stated that you can write off 100% of the cost of business-related food a...

Why Will Thousands of Marylanders Have to File an Extension This Year?

by Tracey Hrica, EA Mar 05, 2021

The Relief Act of 2021 As we told you in our last blog, Governor Hogan recently signed the bipartisan RELIEF Act of 2021, which will provide more than $1 billion in tax relief and economic stimulus funds to Maryland residents, small businesses, and unemployed workers. We talked about how the Act will help small businesses by allowing them to keep the sales tax they collect during March, April, and May - up to $3000 per month. In additio...

Maryland’s RELIEF Act of 2021: How Does it Help Small Business Now?

by Tracey Hrica, EA Feb 19, 2021

Governor Hogan signed the RELIEF Act into law about a week ago. But, the answers to how it's to be implemented are very slowly rolling in. There is one area of immediate relief for some small business owners - Sales Tax Credits. The RELIEF Act has earmarked $200 million to support small businesses with sales tax credits of up to $3,000 per month for three months—for a total of up to $9,000.  This relief will directly help more than 5...

2021 Tax Calendar

by Tracey Hrica, EA Feb 17, 2021

Did you know that not all types of businesses have the same filing deadline for their income tax returns?  This year the IRS started accepting and processing returns on February 12, 2021. If you haven't filed yet, here are some due dates you should know: Federal Tax Returns If you are a calendar-year partnership or limited liability company with two or more members, Form 1065 for 2020 is due by March 15, 2021. If you are an S corporati...

Latest Articles

How to Expertly Manage Your Business’s Bookkeeping with Little to No Experience

A Beginner's Guide to Bookkeeping No one enjoys bo...


What Business Meals are Now 100% Deductible per the IRS?

Are you confused about what rules currently apply ...


Why Will Thousands of Marylanders Have to File an Extension This Year?

The Relief Act of 2021 As we told you in our last ...


Maryland’s RELIEF Act of 2021: How Does it Help Small Business Now?

Governor Hogan signed the RELIEF Act into law abou...


2021 Tax Calendar

Did you know that not all types of businesses have...