Succentrix Business Advisors

06/30/2023

ENCOURAGEMENT to go from employed – to SELF EMPLOYED.

ENCOURAGEMENT to go from Employed - to SELF EMPLOYED.

You CAN Do It!

“You CAN Do It!”

06/14/2023

Small Business Accounting and Tax Updates Keeping Small Business America Informed

Small Business Accounting & Tax Updates. Read below for information on the ERC - Employee Retention Credit.

IRS officials are still emphasizing one of their priorities: preventing fraudulent claims for the widely advertised Employee Retention Credit.

06/05/2023

JUNE 2023 NEWSLETTER Succentrix Latest Small Business News

Check out the latest small business news in Succentrix's June 2023 Newsletter!

Small Businesses Are In Limbo Due to New Borrowing Obstacles Banks are tightening lending standards and small businesses are paying the price.

05/24/2023

HAPPY SMALL BUSINESS MONTH

Happy Small Business Month from Succentrix Business Advisors!!

Small Business Month is celebrated in May every year and is a special tribute to celebrate small businesses, their courage, community efforts, and hard work for an entire month! Did you know that small businesses are the backbone of the United States? Yes, according to a 2020 study by the U.S. Small...

05/01/2023

UPDATES ON SMALL BUSINESS AMERICA TODAY

Updates On Small Business America Today.

Small Business America

04/18/2023

Important Tax Updates and Information Early Filers Amend Returns & Estate Tax Update

Check out these important tax updates from Succentrix Business Advisors.

IRS Suggests Some Early Filers Amend Their Returns

03/30/2023

Choose Your Tax Professional Wisely!

Read below for tips on carefully choosing your tax professional.

IRS Warns Individuals to Stay Clear of Shady Tax Preparers; offers tips on carefully choosing tax professionals.

03/20/2023

Don't Be Surprised Of A Tax Refund Shock This Year

Don't be surprised of a tax refund shock this year.

The expiration of numerous pandemic benefits that lawmakers had created to assist Americans in the crisis could surprise millions of U.S. taxpayers when they received their 2023 tax returns. According to Mark Steber, chief tax information officer at Jackson Hewitt, families may receive reduced refun...

03/08/2023

Which 2022 State Tax Payments Are Non-Taxable

Read Below About Which 2022 State Tax Payments Are Non-Taxable.

The Internal Revenue Service (IRS) has recently provided clarity on which 2022 state tax payments are non-taxable. This clarification is important for taxpayers as it will help them determine which payments will be eligible for tax rebates, relief payments, and disaster assistance.

03/03/2023

Tax Time Guide: Things to consider when filing a 2022 tax return

Tax Time Guide: Things to Consider When Filing a 2022 Tax Return.

Things To Consider BEFORE Filing Taxpayers should wait to file until they receive all their proper tax documents, or they risk making a mistake that could cause delays. They should also review their documents carefully. If any of the information is inaccurate or missing, taxpayers should contact the...

02/23/2023

IRS Tax Tip: Understanding the Credit for Other Dependents

IRS Tax Tip: Understanding the Credit for Other Dependents

TAX TIPS

02/16/2023

8 Things Every Small Business Owner Needs To Know

8 Things Every Small Business Owner Needs to Know.

The Small Business Administration considers any company with fewer than 500 employees “small,” which accurately describes 99.7 percent of businesses in the United States. Running your own business comes with great benefits—such as freedom, control, financial rewards, unlimited growth, and seei...

01/17/2023

IMPORTANT TAX UPDATES FOR SMALL BUSINESS OWNERS

Check out the latest tax updates for small business owners!

IMPORTANT TAX UPDATES Understanding the changes to tax laws and regulations can seriously affect your business and personal tax return. Make sure that you have a tax preparer that is aware of these changes and can answer any questions you may have regarding these changes. If you are in need of a pro...

12/29/2022

Higher Interest Rates Are Leading American's To Higher Debt

How Rising Interest Rates Can Affect Your Small Business.

Succentrix Business Advisors is a full-service business advisory company that provides accounting, bookkeeping, payroll, tax preparation and business advisory services. Succentrix Business Advisors also offers specialty services that include tax resolution and business valuation.

12/28/2022

LATEST TAX NEWS Reporting Digital Assets

Learn more on the latest tax news & reporting digital assets.

IRS DELAYS $600 THRESHOLD ON FORM 1099-K REPORTING

12/15/2022

4 Reasons Business Owners Need A Holistic Business Advisor

Read more below on four reasons business owners need a holistic business advisor.

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Succentrix Business Advisors is a full-service business advisory company that also provides accounting, bookkeeping, payroll, and domestic and international tax preparation services. Succentrix Business Advisors also offers specialty services that include tax resolution and business valuation.

11/29/2022

3 Lesser-Known Ways to Trim Your 2022 Tax Bill or Boost Your Refund Before Year-End

https://www.succentrix.com/so/70OI-VHIE?languageTag=en #/main

After nearly a year of high inflation, rising interest rates and stock market volatility, it’s easy to see why many Americans are cutting back on holiday gifts. While it may not feel like a top priority, experts say trimming your 2022 tax bill may boost your finances going into the New Year. You.....

11/03/2022

5 Straightforward Ways To Go From Employed To Self-Employed

5 Straightforward ways to go from employed to self-employed.

Read below to learn more!

If you’re considering taking the leap from employment to self-employment, you’ll feel a mix of excitement and uncertainly. Starting a new business from scratch is a scary prospect for many, holding various unknowns. A better way is to make a plan based on your current situation. Start where you ...

10/24/2022

How to Apply for a Small Business Grant

https://www.succentrix.com/so/adOGAcIXJ?languageTag=en

Before applying for financial support, Keith R. Hall, president and CEO of the National Association for the Self-Employed, says small business owners first need to determine their specific needs. "You need to know where you're going and have your story straight of exactly where you're going and how....

09/29/2022

OCTOBER EXTENDED DUE DATE JUST AROUND THE CORNER

https://www.succentrix.com/so/eeOEABFNq?languageTag=en

If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties.

09/07/2022

IRS PROVIDING PENALTY RELIEF TO 1.6 MILLION TAXPAYERS

The IRS is providing penalty relief to 1.6 million taxpayers.

Read more below.

To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people and businesses who file or filed certain 2019 or 2020 returns late. This includes nearly 1.6 million taxpayers who will automatically receive more than $1.2 billi...

08/30/2022

Biden-Harris Administration's Student Debt Relief Plan

The Biden-Harris Administration's Student Debt Relief Plan Explained.

https://www.succentrix.com/so/70OBgSSDu?languageTag=en #/main

THE BIDEN-HARRIS ADMINISTRATION'S STUDENT DEBT RELIEF PLAN EXPLAINED.

08/25/2022

The Inflation Reduction Act of 2022

The Inflation Reduction Act of 2022.

Read below for more information.

https://www.succentrix.com/so/d9OBGDvP0?languageTag=en

The Inflation Reduction Act of 2022 has passed the House of Representatives and has been sent to the President for signature. This is a substantial piece of legislation including provisions that deal with the negotiation of drug prices by Medicare and with climate change. The Legislation includes th...

08/10/2022

Most Small Business Owners Don’t Do the Math on Their Most Valuable Asset

A recent survey of small business owners found few who knew their business valuation. Read more below and feel free to contact me for more information on the true value of your business.

https://www.succentrix.com/so/3cOA3PP3W?languageTag=en

Many small company owners don’t know what their enterprise is worth, a practice that can amount to risky business. A whopping 98% of small businesses polled by M&T Bank over the past two years didn’t know the value of their companies. This is especially troubling, given that for most business ow...

07/19/2022

7 Major Financial Blunders Small Business Owners Make

7 Major Financial Blunders Small Business Owners Make.

https://www.succentrix.com/post/7-major-financial-blunders-small-business-owners-make

There’s a steady increase in the number of small businesses cropping up. Unfortunately, not every business will succeed financially. To avoid demise, business owners must tactfully avoid these 7 common-but-harmful financial mistakes. 1. Making Large and Unnecessary Purchases When setting up your c...

06/28/2022

THE RIGHT ACCOUNTING METHOD FOR YOUR BUSINESS

https://www.succentrix.com/post/the-right-accounting-method-for-your-business

Every small business - whether a respected local mom-and-pop retailer, a startup tech company, or an online venture — has accounting and bookkeeping responsibilities, including selecting the accounting method that works best for them. If you’re new to small business ownership, you might not even...

06/14/2022

Tips For Students Planning to Work During the Summer.

https://www.succentrix.com/so/30O5U2L7X?languageTag=en

06/02/2022

11 Mistakes Small Businesses Make As the owner of a business of any size, be sure to avoid these common mistakes.

11 Mistakes Small Businesses Make.
https://www.succentrix.com/so/23O4bKcx9?languageTag=en

RUNNING A SMALL BUSINESS CAN BE DIFFICULT... There are so many things to think about, and it can be easy to make mistakes. In this blog post, we will discuss 11 common mistakes small businesses make, and how to avoid them. By learning what these mistakes are and taking steps to avoid them, you can p...

05/26/2022

The Best Startup Advice You’ll Ever Receive

The Best Startup Advice You'll Ever Receive.
https://www.succentrix.com/post/the-best-startup-advice-you-ll-ever-receive

Brit Morin: Start something you’re genuinely passionate about. I think the most important thing is to make sure the business you want to start is something you are *personally* passionate about, not just a big business idea. You have to fight and grind every single day, and you’ll be less likely...

05/19/2022

WHAT EVERY EMPLOYEE NEEDS TO KNOW ABOUT 401(K) SAVINGS

What everyone should know about 401(k) savings.

Read Below:
https://www.succentrix.com/post/what-every-employee-needs-to-know-about-401-k-savings

Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do these popular plans offer the advantage of us...

05/10/2022

WHY PROACTIVE PLANNING IS MORE IMPORTANT THAN YOU REALIZE

Be proactive. Read more helpful tips on planning and budgeting below.
https://www.succentrix.com/so/deO2flQwv?languageTag=en #/main

There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren't just an important part of running a business. They're literally the fo...

04/27/2022

POST TAX-DAY UPDATES

This is really good information on what happens now that you filed your 2021 taxes.

Read below.
https://www.succentrix.com/so/e3O1hDcRD?languageTag=en

OWE THE IRS MONEY? HOW LONG DO THEY HAVE TO COLLECT? Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is te...

04/13/2022

Seven Common Myths about Tax Refunds

Seven Common Myths about Tax Refunds.

https://www.succentrix.com/post/seven-common-myths-about-tax-refunds

Myth 1: Calling the IRS or visiting an IRS office speeds up a refund Many taxpayers mistakenly believe the commonly held myth that speaking with the IRS by phone or visiting in-person at an IRS Taxpayer Assistance Center will expedite their tax refund. The best way to check the status of a refund is...

04/06/2022

Succentrix Accounting & Tax Updates

Learn more about what is going on in the accounting and tax world today.

https://www.succentrix.com/post/succentrix-accounting-tax-updates

YOU MAY NEED TO FILE ESTIMATED TAX PAYMENTS Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Employees....

03/28/2022

THE TAX-FILING DEADLINE IS DRAWING NEAR

The tax-filing deadline is approaching. Contact us today to file with ease and confidence.

Read more:
https://www.succentrix.com/post/the-tax-filing-deadline-is-drawing-near

As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). The due date is April 18, instead of April 15, because of the Emancipation Day....

03/23/2022

The 2022 IRS Interest Rate Hike Will Go Live April 1st

The IRS has increased the interest rates for underpayments and overpayments for corporations and self-employed.

https://www.succentrix.com/post/the-2022-irs-interest-rate-hike-will-go-live-april-1st

If you are required to pay quarterly estimated income tax, an upcoming change in interest rates being imposed by the IRS may have a direct impact on you. Effective April 1st, 2022, corporations and self-employed filers who submit quarterly estimated taxes will see a hike in the interest rates that t...

03/21/2022

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Do you really understand the difference between a tax deduction and a tax credit?

Read More:
https://www.succentrix.com/post/does-a-tax-deduction-and-a-tax-credit-result-in-the-same-tax-benefit

TAX LINGO Even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax credits.” Although a tax deducti...

03/14/2022

RECOVERY REBATE CREDITS

Did you receive all of your economic impact payments?

https://www.succentrix.com/post/recovery-rebate-credits

HOW DO I KNOW IF I RECEIVED ALL OF MY ECONOMIC IMPACT PAYMENTS? Tax Tips for 2021 Tax Year. Succentrix Business Advisors

02/28/2022

Child Care Tax Credits Save More Than Deductions

Tax incentives for offering employer-provided childcare.

https://www.succentrix.com/so/45Nz1Bqjn?languageTag=en&status=Draft&cid=00000000-0000-0000-0000-000000000000 #/main

The Employer-Provided Child Care Credit can save employers with eligible expenses more money in taxes than using a deduction alone, and it also helps employees by letting them exclude some child care benefits from their taxable wages, according to a new report. The report, released Thursday by the G...

05/18/2017

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