Small or home-based business

Tax tips and guidance built for small business owners and the self-employed — deductions, filings, and the stuff that actually applies to you.

freelancers/independent contractors | Individual | IRS news/announcements | Small or home-based business

Make Your 4th Quarter Estimated Payments By January 17
ByKelly Phillips Erb January 9, 2023January 9, 2023

Heading back to the office is always challenging after the holidays. But as you get back to work—and get busy—don’t forget to make your fourth-quarter estimated tax payments. They are due on or before January 17, 2023. Who Needs To Make Estimated Payments? Generally, you should make estimated tax payments if you are not subject…

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Small or home-based business

What You Need to Know About Setting Up Your Business
ByKelly Phillips Erb February 3, 2022March 2, 2022

Small businesses are still considered the backbone of our country. According to the latest information from the Small Business Association, there are 31.7 million small businesses—independent businesses with fewer than 500 employees—in the U.S. Those small businesses have made a big impact. Since 2000, they’ve been responsible for 65.1% of new jobs. Small businesses from…

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Collections | Small or home-based business

What Business Owners Need To Know About Taxes When Customers Won’t Pay
ByKelly Phillips Erb October 23, 2020January 10, 2021

Are your accounts receivables piling up? With so many people out of work, many businesses are experiencing slow payers and (gulp) non-payers. If you’re not sure about the practical and tax aspects of handling those accounts, here are a few things to keep in mind. Don’t assume that you can send a Form 1099-C for…

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Podcast | Small or home-based business

Bookkeeping Is More Than Just Numbers: Understanding Why It Matters
ByJohn Luckenbaugh October 19, 2020January 5, 2022

Bookkeeping is an important factor of properly running a business. Many people tend to think that bookkeeping and accounting are one and the same. However, they can be very different. Bookkeeping is the recording of all financial transactions within a business. Kelly invites Nicole Davis to cover everything you need to know on how to…

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Corporate | Small or home-based business | Taxes From A to Z®

Taxes From A To Z 2020: O Is For Ordinary & Necessary
ByKelly Phillips Erb July 18, 2020July 18, 2020

It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. O is for Ordinary and Necessary. To claim a deduction for business expenses, Section 162 of the Tax Code…

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Podcast | Small or home-based business

Desperation & Small Business Loans In A Time Of Crisis
ByJohn Luckenbaugh July 12, 2020January 5, 2022

Join us in kicking off our new podcast hosted by Kelly Phillips Erb. During this episode, Kelly invites a guest host, Jeff Grant, to discuss his experience with applying for a small business loan – and what followed. Taking On Small Business Loans Jeff Grant is someone who has followed through with a business loan…

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Corporate | Small or home-based business

Treasury Plans To Make Names Of Some PPP Borrowers Public
ByKelly Phillips Erb June 25, 2020October 17, 2020

If you follow me on Twitter, you’d know that our law firm didn’t take out a Paycheck Protection Program (PPP) loan. But if we had, you might soon know the details – down to how much money we had received: Treasury and the Small Business Administration (SBA) have agreed with the bipartisan leaders of the U.S. Senate…

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Small or home-based business

SBA Has Re-Opened Its EIDL Program To All Eligible Small Businesses
ByKelly Phillips Erb June 23, 2020June 23, 2020

In April, I wrote an article about the Economic Injury Disaster Loan program (EIDL). Shortly afterward, the Small Business Administration (SBA) announced that the program was closed to all businesses except certain agricultural businesses. Now, there’s another change: the program has been re-opened to all eligible small businesses. Specifically, SBA began accepting new EIDL and EIDL Advance applications…

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Corporate | Healthcare | Small or home-based business

IRS Guidance Give Employers Flexibility For Benefit Plans During COVID-19 Crisis
ByKelly Phillips Erb May 14, 2020July 8, 2020

Whether you’re reading this from your living room while in your pajamas, or safely tucked away in your newly-renovated laundry room turned home office, you’ll probably agree that employment has changed over the past several weeks. Because of COVID-19, governors and municipalities have issued stay-at-home and other orders, resulting in the complete or partial shutdowns…

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Corporate | IRS news/announcements | Small or home-based business

IRS Makes Updates To Employee Retention Credit FAQs
ByKelly Phillips Erb May 11, 2020June 10, 2020

As the COVID-19 crisis continues to roil the economy, all eyes seemed to be focused on the Paycheck Protection Program (PPP). But that’s not the only option for relief for struggling small businesses. One opportunity that’s often overlooked is the Employee Retention Credit or ERC. It’s found in the CARES Act, and like the PPP, it’s designed…

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