New legislation means new benefits for agency owners! Under the Consolidated Appropriations Act passed in December, you’re now eligible for both PPP loan money AND tax credits for employees. Here’s everything you need to know about the Employee Retention Tax Credit (ERC) and what it means for you. What is the Employee Retention Tax Credit (ERC)? The Employee Retention Tax Credit is a refundable tax credit (up to $7,000 per employee per… Read more
The craziness of 2020 isn’t over, despite the date change on the calendar. There’s a new 1099 form for contractors you paid in 2020. Here’s what you need to know. Any person or company to whom you paid at least $600 for services in 2020 should receive a 1099. This includes all individuals, partnerships, Limited Liability Companies (LLC), or Limited Partnerships (LP) to whom you paid $600 or more over… Read more
You’ve probably heard the news that a new PPP package was passed this week. Here are the highlights: PPP income is NOT Taxable. And purchases made with the funds are eligible for deductions. New PPP loans are on the way. There is a new tax credit in place. PPP is not taxable The biggest news of all. After the PPP 1.0 rollout, guidance was lacking and there was confusion over whether or not purchases made… Read more
With just 2 weeks left in 2020, now is the time to act if you want to save on your taxes. If you’re like most agency owners, you’re not making the best decisions for your business taxes: You’re not optimizing owner pay You’re set up in the wrong entity structure You’re leaving deductions on the floor Or worse, you don’t have a tax plan at all. You’re trusting your CPA… Read more