Americans with children under 18 years - there is some good news for you! The Senate voted to pass the $1.9 trillion American Rescue Plan Act. Now you must be thinking how this can be beneficial for me! This act includes the provisions that increase the child tax credit to $3,000 per child for age range between 6 and 17 and $3,600 annually for children under 6 for the tax year 2021.
If you own and run a small business and need the best tax advice, then the best way is to get in touch with an expert certified public accountant. You may need to pay a few extra bucks but tackling the complicated stuff like taxes will become a hassle-free affair. Moreover, taxes represent one of the biggest expenses for many business owners. Therefore, when so much money is involved, taking assistance from an expert is completely worth it. At Foster Financial we suggest business owners meet an expert CPA like ours at least twice a year to plan the tax moves efficiently.
You are in the early phases of launching a business. Perhaps you are months away from launch, still figuring out how to incorporate, apply for business loans and work a cash register.
If you’ve earlier received a PPP (Paycheck Protection Program) loan, you must know that certain businesses are entitled for a second PPP loan. Second Draw PPP loans can be used to help fund payroll costs, and also to pay for mortgage, interest, utilities, rent, worker protection costs associated to COVID-19, uninsured property damage costs triggered by looting during 2020, and certain supplier costs & expenses for operations.
Do you own a family business that you want to pass on to your next generation? But are you sure your children are interested in taking over your business? Will they make it profitable for the long term? Generally, parents treat their company as their baby with utmost care and love and when they pass it on to new hands they have a fear of failure. But why should they fear failure? Instead of that they should be careful enough during the deals.