Posts by nbanker
Claiming the ERC When You Own Multiple Entities
Do you qualify for the employee retention credit (ERC)? Did you claim it? It’s not too late. You can still amend your 2020 and 2021 payroll tax returns. Remember, this can be worth up to $5,000 per employee in 2020 and up to $7,000 per employee per quarter for the first three quarters of 2021,…
Read MoreEarn 9.62 Percent Tax-Deferred Interest with Series I Bonds
Inflation is seldom a good thing. But when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can buy bonds that pay 9.62 percent interest—tax-deferred—with no downside risk, and with no state or local income taxes when you cash them in. If you buy now, you earn that…
Read MoreNew and Improved Energy Tax Credits for Homeowners
The president signed the Inflation Reduction Act into law on August 16, 2022. It contains some valuable tax credits for homeowners. When it comes to taxes, nothing is better than a tax credit since it is a dollar-for-dollar reduction in the taxes you must pay (unlike a tax deduction that only reduces your taxable income).…
Read MoreNew Business Tax Credits for Your Electric Vehicle Purchases
You may have heard that the newly enacted Inflation Reduction Act includes an expanded tax credit for electric vehicles. Although this personal credit has gotten most of the publicity, the new law launched a new commercial clean vehicle credit—specifically for business-use electric vehicles. And it’s much better than the credit for personal-use electric vehicles. The…
Read MoreEmployee Retention Credit for Law Firms
What is ERC and How Much Money Are You Eligible For? What exactly is the ERC? The Employee Retention Credit (ERC) is a cash refund from the IRS to reward businesses for keeping employees on payroll during the Covid 19 pandemic. One key component of the program is that the business must have W-2 employees (not…
Read MoreAre you a Recovery Startup Business? The IRS has a thank you gift for you…
Employee Retention Credit for Recovery Startup Businesses The ERC is a “thank you present” from the IRS for keeping employees on payroll during the pandemic. Businesses can retroactively claim the ERC as long as it has employees, not contractors. We have been qualifying our clients using the factors below. The business was partially or fully…
Read MoreAugust 2012
August 2012 – QuickBooks Payroll Runs: Easy, Fast, Accurate If you’ve already set up your QuickBooks employee and company payroll files, the hard part’s over. It’s not just a catchy ad slogan: It’s true. Unless you have dozens of employees or numerous exceptions each payday, you can literally process a payroll run in just a…
Read MoreNovember 2012
November 2012 – Are You Defining Items in QuickBooks Correctly? If you are currently using items congratulations. If you have never used items than you are not utilizing QuickBooks to the fullest extent. Create item records in QuickBooks carefully, and QuickBooks will return the favor by running useful, accurate reports. Obviously, you’re using QuickBooks because…
Read MoreDecember 2012
December 2012 – Say Good-Bye to 2012 and Ready QuickBooks for 2013 When you turn the calendar page and make a new start on January 1, your accounting software could use some closure on the year that’s passed. Here are some actions you can take to ring out the old and ring in the new.…
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