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If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan...

Even if you always hire a tax preparer to do your taxes for you, you probably know that the most effective way of reducing your tax liability is through deductions and tax credits. Since one of...

John Kirkland Apr 3, 2020

Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the...

John Kirkland Apr 1, 2020

To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers...

Learn about the important difference between tax deductions and tax credits. In general, a deduction reduces taxable income, whereas a credit reduces the tax itself. Watch to learn more.

Everybody wants to lower the amount they pay in taxes, but it is an especially important goal for small business owners.  Every penny in taxes avoided are a double victory: you avoid overpaying...

The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns. Watch the...

Tax reform imposed limitations on food, beverage and entertainment expenses. Expenses considered entertainment are not deductible at all during the years 2018 through 2025. The tax reform act also...

Great question!   The IRS and most states require taxpayers to e-file their tax returns.  Sometimes though there’s legitimate reasons why a return will be paper filed instead.  Here's a few of...