Construction business owners use the terms Markup and Margin interchangeably because they describe the relationship among sales, cost and profit. However, they have different meanings and are not calculated the same way. Markup is based on job costs. Margin is…
Tell me if this sounds familiar: You reach the end of the month, you’ve paid all your subcontractors, the projects are finally wrapped up, and you check your business bank account to find … nothing. The bills are all paid,…
For all subscription levels of QuickBooks® Online you can now capture receipts. It is also possible to attach receipts in QuickBooks® Desktop. Why is it necessary to capture receipts? The Internal Revenue Service requires receipts since they state the amount, date,…
Paycheck Protection Program Flexibility Act The Paycheck Protection Program Flexibility Act (PPPFA) relaxes the loan requirements to be forgiven as follows: Spend the loan proceeds on payroll to 60% from 75% which increases the amount to spend on rent, business…
First and by far, we need to take care of our health and provide moral support to our loved ones. After all, we cannot run a business effectively without good health. Even though the $349 billion rescue loan program ran…
The SECURE act signed into law on December 20, 2019, raised the age for Required Minimum Distributions (RMDs) from 70.5 to 72 for Individual Retirement Accounts owners (IRAs) who were born on or after July 1, 1949. In addition, the…
In obtaining the SBA loan, you first must submit a flawless loan application as it may be denied and feedback is not given quickly if at all. The SBA loan has several parts as follows: Disaster Loan Apply up to…
Well, it depends on multiple factors. 1. Filing Status and Adjusted Gross Income (AGI) Single Filing Status Taxpayers will receive $1,200 if your AGI is not above $75,000 and fully phases out at $99,000 with no children. Head of Household…
Included in the “Tax Cuts and Jobs Act” that takes effect for years 2018-2025, is the Section 199A which is known as the 20% Deduction for Pass-Through Entity Owners and Investors in Real Estate. Be sure to talk to our…
The recent tax reform contains two big changes to how much you can deduct in mortgage interest for tax years 2018 through 2025: During this seven-year period, you may not deduct any interest on prior or current home equity debt,…
