Understanding the Employee Retention Tax Credit (ERTC)
The ERTC, a tax credit to help businesses retain employees during COVID, is no longer available for new claims but can still be claimed retroactively for wages paid in 2020 and 2021. The deadline to file amended tax returns to claim the credit is April 15, 2024 for 2020 wages and April 15, 2025 for 2021 wages.
Tax Deductions: What You Can Claim and Mistakes to Dodge
Tax deductions lower your taxable income. Common ones include homeownership, charity, medical costs, and retirement contributions. Avoid mistakes like missing receipts, overestimating values, or miscategorizing expenses. Seek professional help for complex situations.
Taming the QuickBooks Chaos
Is your QuickBooks a mess? Don't go it alone! Our Chattanooga-based QuickBooks bookkeepers clean up your records, streamline processes, and give you financial insights for growth. Free yourself to focus on running your business.
LLC Tax Savings: Answers to Common Questions & Maximizing Your Deductions
An LLC structure helps to protect the owners’ personal assets from lawsuits or debts associated with the LLC. There are other tax advantages, too, especially for small business owners.
Tennessee Economy Projected to Boom in 2024: What This Means for Contractors
Tennessee's economy is expected to outperform the U.S. economy in 2024 due to population growth and a strong manufacturing sector. For contractors, this means specific benefits and challenges. Let’s take a look at how to prepare for 2024.
Streamline Your Rentals: How Bookkeeping Saves Property Managers Time and Money
Rental property managers struggle with time-consuming bookkeeping. Outsourcing to a qualified Quickbooks-certified accounting and bookkeeping firm in Chattanooga will streamline your rental business and help you focus on managing properties.
How to Grow Your Excavation Contractor Business: Essential Tips and Strategies
Growing your excavation contractor business requires effective financial management. Outsourcing bookkeeping ensures financial clarity, compliance, and cash flow management. In Tennessee, a CPA review of financial statements is essential for licensing. Partnering with a professional bookkeeping service enhances growth and ensures regulatory compliance.
Tax Tips for C Corporations
C corporations offer ownership flexibility and growth potential, but also face unique tax considerations. This guide explores C corp tax questions, benefits, and strategies compared to S corporations and LLCs, helping you make informed business structure decisions.
Year-End Tax Moves: Smart Strategies to Lower Your Tax Bill
Year-end tax strategies include deferring income, accelerating deductions, maximizing retirement savings, tax-loss harvesting, charitable donations, using FSAs, bunching deductions, claiming home office deductions, and seeking professional advice to optimize your savings.
All content on this blog is intended for general informational purposes only and does not constitute legal or professional advice. Please contact a member of our team for accounting advice specific to your situation or needs.