by Heimlantz | Oct 30, 2020 | Professional Firms
This article discusses how, although hiring a CPA for your small business comes with a cost, the pros may outweigh the cons in this situation. For example, hiring a CPA will allow you to save precious time and can be used as a trusted source for support. Additionally,...
by Heimlantz | Oct 28, 2020 | Uncategorized, Volume 4 Issue 2
Last December, the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. The SECURE Act was intended mainly to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans....
by Heimlantz | Oct 28, 2020 | Uncategorized, Volume 4 Issue 2
You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay...
by Heimlantz | Oct 28, 2020 | Uncategorized, Volume 4 Issue 2
With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the...
by Heimlantz | Oct 28, 2020 | Uncategorized, Volume 4 Issue 2
If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of the tax. But under...
