Author: DKSCPA

4 Ways Re-Evaluating A Strategic Plan Can Be Beneficial to Businesses

It is always smart for businesses to have a strategic plan. Strategic plans work together with business plans to lay out the goals of the company, how many staff members will need to be involved, who the clients are, what are the financial needs in order to accomplish the goals, and more. During this time of uncertainty for businesses, especially small businesses, it is even more important to reassess your strategic plan and perhaps come up with a new one. Below are several ways that re-evaluating your strategic plan can help the health and growth of your business. 1....

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What is the Covid-19 Stimulus Package and How Does It Help Me?

During the Covid-19 pandemic, finances have been one of the forefront of worries amongst Americans. On March 27th, a stimulus package was passed in which eligible Americans would receive money from the government. There was all sorts of confusion over how much money people would get, when they would get it, and if people would have to pay it back. Here we hope to clarify some of the details about the original stimulus package as well as the second one signed on April 24th. The CARES Act The original stimulus package everyone has been discussing was part of the...

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The Date to File Federal Taxes is Postponed Due to Covid-19

The Covid-19 pandemic has caused a lot of upheaval in our lives, including financially. Many people have been laid off from their jobs or had to reduce their hours. Businesses are struggling. On top of all that, it is nearly April 15th, the usual deadline to file your taxes. Thankfully, the Internal Revenue Service (IRS) has given us a bit of a reprieve during this uncertain time. The federal tax deadline has been postponed to July 15th to accommodate the many individuals and businesses that need more time to file their tax returns. We know there are many questions...

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Navigating the Federal and NY Estate Tax Limits [2020]

If you have accrued an amount of wealth that is part of your estate, taxes may have to be taken from it when it gets passed down to your beneficiaries. This is known as the estate tax, otherwise nicknamed ‘the death tax.’. However, there are some ways to avoid paying taxes on portions of your estate. One of the simplest ways to do so is to designate some of your money as gifts, such as to your children or to an institution. The federal government and your state government may have differing rules over how large your estate has...

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The Qualified Business Income Deduction Explained [2020]

Part of the 2017 Tax Cuts and Jobs Act is something called a Qualified Business Income tax deduction (QBI). A tax deduction sounds good, but who exactly is qualified for this particular deduction and how big of a deduction is it? Read on to learn how you may or may not benefit from this clause in the Tax Cuts and Jobs Act. Who Qualifies for the Qualified Business Income Deduction? The QBI was designed to benefit business owners of pass-through entities who are sole proprietors of their business. Sole proprietors do not have businesses big enough to receive the...

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