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With student debt being higher than ever before and a record number of student loans falling into default, it’s become clear that people need assistance with paying down their student loans. No one wants to start their post-education lives struggling under the weight of crippling debt, but many do. Companies like Financial Preparation Services have made a name for themselves by helping their clients with finding all the helpful government programs available to them and customizing a new loan repayment plan that fits each individual client’s financial needs and goals. Following  Financial Preparation Services  will keep you up to date on just how you can get in contact and restart your loan repayment journey today. Financial Preparation Services: What They Do? Financial Preparation Services is in the loan-repayment industry for their clients. They are a private company that has nothing to do with the government, loan-service providers, or the Department of Education. After one of thei

IRS Form 4562 is used for filing tax returns, it’s an amortization and depreciation form.  Depreciation refers to the calculated loss of an asset though its working life span.  Amortization refers to an expensive purchase whose costs must be spread out over a number of years to lessen the impact on a company’s profit for the tax year it was purchased.  Do I need to file the IRS Form 4562? You may need to file the form 4562 depreciation and amortization form for the purchase of the following for your business: Vehicles Renovations Patents Manufacturing equipment Intellectual Property Specified Plants Office equipment including computer hardware and software Office furniture, fixtures and carpet Real estate (buildings, excluding land. Land does not decrease in value) The form can also be used for expenses related to films, television and live theatrical productions. Whether the purchase was made in full or financed, it wouldn't matter for the purpose of amortization

IRS Form 1099 is the IRS form for filing taxes. It is used by companies to report payments made other than salaries, regular wages or tips which are reported through W-2 form. The 1099 form is generated by the payer and must be sent to the payee by January 31st of each year, to reflect transaction amount from the previous year.  There are many types of 1099 forms, the one used to depend on what the payment was for.  Who gets the IRS form 1099? The most common form a company issues IRS Form 1099-MISC. A business is required to fill it out for anyone they have paid $600 or more in a calendar year who is not an employee. For example, if a company has paid 50 different contractors over $600 then they are required to fill out and provide form 50.  It applies to payment made for: Rent Freelance Workers Attorney Payments Cash prizes and awards Other income payments Medical and Healthcare payments Crop insurance proceeds Fishing boat proceeds Cash payments for purchase of fish f

  “If we are growing, we’re always going to be out of our comfort zone.” Quoted by John Maxwell This is never more true in the world of businesses. This year you may have planned different growth strategies but pandemic has taken a turn over all your decisions, it has prevented your business from seeking its full potential. But certainly, there are several other ways to ensure manageable and profitable small business growth for your small business even in unprecedented times like covid-19. Creating a growth strategy for your business will ensure sustainability. A growth strategy is beyond just envisioning long-term success. If you’ve no tangible plan then you’re actually losing business or increasing your chances of losing business to competitors. There is no specific recipe for instant results and nothing is guaranteed. But you can accelerate growth and reach milestones with clear goals and strategies.   Take the following crucial steps to ensure the growth of your business:

The unanticipated Corona outbreak has left the global economy and businesses in a state of anarchy. While businesses are still trying to figure out the best way to survive during these tough times, a Business Continuity plan can be their best bet to pull them out of this crisis.  So let’s discuss in details what is a BCP and how it can be of help: What Is Business Continuity Planning (BCP)?  A Business Continuity Plan (BCP) is designed to pull out companies from potential threats and risks. It ensures that assets and personnel are kept protected so that they are able to function efficiently during tough times and make sure business operations aren’t hampered. BCP assesses each and every risk that can cause a failure to the businesses operations process and plans out risk management accordingly. Risks can be either natural disasters like fire, flood etc or can be man made like cyber attacks. While every company and industry has a different set of driving factors and therefore

Outsourcing your bookkeeping services has never been so accessible and compelling than it is today. The introduction to new technology, cloud computing has changed the way we do business today. The common reason small businesses neglect their financial accounts is time and cost. They have neither time nor knowledge to carry out necessary bookkeeping tasks themselves. Yet they are reluctant to either outsource bookkeeping services or burden their business with in-house bookkeepers.  Bookkeeping is essential for all sizes of business but it’s also time-consuming. Delegating tasks to a qualified bookkeeper helps focus on the core mission of your business. Outsourcing bookkeeping services can help you save time, money alleviates the hassle of managing books.  The undervalued benefits of outsourcing your bookkeeping are: The value of service-based bookkeeping: Using an outsourced bookkeeping service doesn’t mean buying software and working the system yourself. The human f

  Small businesses use IRS Form 8941 in order to claim a tax credit for the health insurance premiums they pay for their employees. To qualify for this tax credit, the business must have fewer than 25 employees with an average annual wage exceedingly not more than ,000k. The tax credit is maximum for 50% of the premium paid or for tax-exempt employers, with a maximum of 35%.  Will IRS Form 8941 reduce my taxes? The form 8941 can help to reduce taxes or small businesses by providing a tax credit for the health insurance coverage that an employer has provided to his employees. This credit is an incentive for small businesses to provide coverage.  Following are the requirements to qualify for the tax credit: The annual average wages of employees should not exceed ,000K The small business must have paid at least 50% of its employee’s insurance premium costs. The company must have fewer than 25 employees.  The tax credit is maximum for 50% of the premium pai

  Small Businesses pay 19.8 % taxes on an average depending upon the type of small business. Small businesses with one owner pay 13.3% taxes while with more than one owner pays on an average of 23.6% taxes. According to Small Business Administration (SBA), S corporations which are Small Business Corporations pay on an average of 26.9% taxes.  How are Small Businesses Taxed? You might be surprised to know that most small businesses do not pay the corporate rate for income tax. Around 75% of small businesses aren't considered corporations but something called “unincorporated pass-through entities”. This means that they pay the owner’s personal tax rate. Small business owners include income from their small business in their personal taxes and hence, their income tax is calculated based on the business owner’s total earnings. Suggested Reads - How to Get a Small Business Disaster Loan During COVID-19?   You may use the 2019-2020 Federal Income Brackets to check what percent