Why Bookkeeping Is Really Important Even During The Pre-Revenue Stage – Foster Financial
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. You may think like you are not making any money yet, so there is no point in keeping track of it using a […]
Everything You Need To Know About Second Draw PPP Loan – Foster Financial
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 […]
Passing On Business to Next Generation – Few Considerations to Make – Foster Financial
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 […]
Small Businesses Are Expected To Get More Audit By IRS in 2021 – Foster Financial
After many years of low examination fees, there has been an announcement by the Internal Revenue Service (IRS) to increase small business audits by fifty percent. This news making headline in a time when complicated tax law modifications & economic spur programs with regards to Covid-19 have made businesses’ books even more complex than normal. […]
Everything Small Business Owners Need To Know About The New Round Of The PPP – Foster Financial
After several months of filibustering, many weeks of vicious negotiations, and so many false starts, a new bill was passed to aid individuals and businesses across the country to get respite from the financial destruction prompted by COVID-19. The Consolidated Appropriations Act, 2021 comprises funding reserved for small business loans, including a new round of […]
Everything You Need To Know About Form 1099-NEC – Foster Financial
Form 1099-NEC has been reintroduced by the IRS (Internal Revenue Service) as the new way to report self-employment income in place of Form 1099-MISC which has been used traditionally. This has been conducted to help clarify the separate filing deadlines on Form 1099-MISC & the new 1099-NEC form will be employed starting with the 2020 […]
An Overview of the Net Operating Loss Tax Provisions in the CARES Act – Foster Financial
Besides offering financial relief to individuals & loans to businesses struggling during the Covid-19 disaster, the CARES (Coronavirus Aid, Relief, and Economic Security) Act changes several tax perquisites to improve liquidity for organizations that are enduring a large decline in cash flow. Among other tax modifications, the Coronavirus Aid, Relief, and Economic Security Act untied […]
How To Decrease Your Small Business Debt? A Step-By-Step Guide – Foster Financial
If you run a business & you have debt, rest assured that you aren’t alone. In a study, 36% of small business owners stated they were not comfortable with how much debt their organization carried. 49% stated they find it really hard to tackle their present debt. While you might need to opt for debt […]
Why Every Small Business Needs a Bookkeeper?
Small business owners are no strangers to multitasking and taking on a mountain of responsibilities. This often includes taking on tasks that are out of your comfort zone or beyond your expertise. When it comes to your business’ finances and bookkeeping, trying to do it all yourself may prove more costly and time-consuming than hiring […]
Tax Credits That Could Benefit Small Businesses
The 2020 tax season is upon us. Small business owners can score big by being informed. Which tax credits can your business claim? Every dollar claimed in credit is a dollar off your tax bill. Help your bottom line by finding out which tax credits your business is eligible for this season. Qualifying for […]