Small Business Blog

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Federal Tax News for Businesses

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Businesses Targeted for Identity Theft The IRS is warning businesses that they may be prime targets for identity theft. How do you know if your...

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Resist the Urge to Purge after Filing Your 2022 Tax Return

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The statute of limitations for the IRS to audit your tax return is typically three years. It begins on the latter of: The due date for your tax...

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6 Tried-and-true Strategies for Improving Collections

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Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right...

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Many factors are involved when choosing a business entity

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Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for...

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Employers: The Social Security wage base is increasing in 2022

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The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up...

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Lowdown on Federal Tax Proposals for Individuals and Businesses

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The U.S. Department of Treasury released its “Green Book” in May entitled, “General Explanation of the Biden administration’s Fiscal Year 2022...

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2021 Q4 tax calendar: Key deadlines for businesses and other employers

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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this...

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Boost Profits with These 10 Techniques

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They say little things mean a lot. And relatively small expenses can add up to a huge amount of money your company could be wasting.

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How Start-Up Expenses are Handled on Your Tax Return

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Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020...

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Don’t Assume Your Profitable Company has Strong Cash Flow

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Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of...

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7 Valuable Deductions for Self-Employed Individuals

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If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong...

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Labor Shortage: Evaluating Your Employment Value Proposition

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In normal market conditions, people who’ve been unemployed due to an economic slump are generally eager to take a job when the economy perks up. But...

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The IRS has Announced 2022 Amounts for Health Savings Accounts

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The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).

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The Restaurant Revitalization Fund is Now Live

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The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased...

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New Restaurant Revitalization Funding Program (RRF)

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The Small Business Administration (SBA) is preparing to launch the Restaurant Revitalization Funding Program (RRF). In order to help you apply, we...

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Ins & Outs of “Reasonable Compensation” for a Corporate Business Owner

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Owners of incorporated businesses know there’s a tax advantage to taking money from a C corporation as compensation rather than as dividends. The...

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PPP Adjusted to Prioritize Very Small Businesses

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When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide...

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Launching a Small Business? Here are Some Tax Considerations

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While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these...

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PPP Application Deadline Extended in New Law

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On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May...

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EIDL Loans, Offering Relief to Struggling Small Businesses

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The Evolution of the Employee Retention Credit

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The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress...

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IRS Extends the Tax Paying and Filing Deadline for Individuals

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The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until...

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The American Rescue Plan Act has Passed: What’s in it for You?

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Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 Pandemic that has haunted the country for...

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Work Opportunity Tax Credit Extended Through 2025

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Are you a business owner thinking about hiring? Be aware that a recent law extended credit for hiring individuals from one or more targeted groups....

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Tips for Starting a New Business Today

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When one door closes, another opens. The COVID-19 pandemic has forced many small businesses to permanently shutter. But it has also provided new...

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The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

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This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by...

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View Your Financial Statements Through the Right Lens

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Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand them. You’re likely also aware of...

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20 Tips from 20 Years!

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TMA has worked with hundreds of small businesses and our team has nearly 200 years of combined professional experience.

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2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this...

2 min read

Why Do Partners Often Report More Income on Tax Returns than in Cash?

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If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership...