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Valuable Business Articles & Updates

Federal Tax News for Businesses

2 min read

Federal Tax News for Businesses

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...

Resist the Urge to Purge after Filing Your 2022 Tax Return

3 min read

Resist the Urge to Purge after Filing Your 2022 Tax Return

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...

6 Tried-and-true Strategies for Improving Collections

2 min read

6 Tried-and-true Strategies for Improving Collections

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

Many factors are involved when choosing a business entity

2 min read

Many factors are involved when choosing a business entity

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...

Employers: The Social Security wage base is increasing in 2022

2 min read

Employers: The Social Security wage base is increasing in 2022

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

Lowdown on Federal Tax Proposals for Individuals and Businesses

5 min read

Lowdown on Federal Tax Proposals for Individuals and Businesses

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

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

1 min read

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

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...

Boost Profits with These 10 Techniques

2 min read

Boost Profits with These 10 Techniques

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.

How Start-Up Expenses are Handled on Your Tax Return

2 min read

How Start-Up Expenses are Handled on Your Tax Return

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

Don’t Assume Your Profitable Company has Strong Cash Flow

2 min read

Don’t Assume Your Profitable Company has Strong Cash Flow

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...

self employed female working

3 min read

7 Valuable Deductions for Self-Employed Individuals

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...

Labor Shortage: Evaluating Your Employment Value Proposition

3 min read

Labor Shortage: Evaluating Your Employment Value Proposition

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...

The IRS has Announced 2022 Amounts for Health Savings Accounts

2 min read

The IRS has Announced 2022 Amounts for Health Savings Accounts

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

The Restaurant Revitalization Fund is Now Live

2 min read

The Restaurant Revitalization Fund is Now Live

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

New Restaurant Revitalization Funding Program (RRF)

2 min read

New Restaurant Revitalization Funding Program (RRF)

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

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

2 min read

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

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

PPP Adjusted to Prioritize Very Small Businesses

2 min read

PPP Adjusted to Prioritize Very Small Businesses

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

Launching a Small Business? Here are Some Tax Considerations

2 min read

Launching a Small Business? Here are Some Tax Considerations

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

PPP Application Deadline Extended in New Law

1 min read

PPP Application Deadline Extended in New Law

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

The Evolution of the Employee Retention Credit

4 min read

The Evolution of the Employee Retention Credit

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

IRS Extends the Tax Paying and Filing Deadline for Individuals

2 min read

IRS Extends the Tax Paying and Filing Deadline for Individuals

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...

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

3 min read

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

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

Work Opportunity Tax Credit Extended Through 2025

1 min read

Work Opportunity Tax Credit Extended Through 2025

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....

Tips for Starting a New Business Today

3 min read

Tips for Starting a New Business Today

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

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

2 min read

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

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

View Your Financial Statements Through the Right Lens

2 min read

View Your Financial Statements Through the Right Lens

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

20 Tips from 20 Years!

1 min read

20 Tips from 20 Years!

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

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

1 min read

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

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...

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

2 min read

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

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...

10 Low-Cost/No-Cost Ways to Add Fun to the Workplace

2 min read

10 Low-Cost/No-Cost Ways to Add Fun to the Workplace

Looking for low or no-cost ways to bring a little fun into the workplace and tell your employees that you value them? Here are 10 ideas that might...