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The Importance of Bank Reconciliations for Your Small Business

Submitted by McCrate, Delaet & Company on December 9th, 2020

Small business owners are always looking for ways to make their lives easier, especially when it comes to the financial management side of their business. However, one area of financial management that deserves more attention from small business owners is bank reconciliations as it’s a task that is often put off or done inconsistently or incompletely.

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Top 10 tips for businesses to prepare now for a great year-end

Submitted by McCrate, Delaet & Company on October 30th, 2020

With all of the curveballs 2020 has thrown at the nation, the economy, and businesses, there’s never been a better time to get an early jump on year-end planning for your business.

Tags:
  • business planning
  • CARES
  • PPP
  • Tax
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The Red Flags are Many when Borrowing from your Retirement Plan

Submitted by McCrate, Delaet & Company on October 21st, 2020

The COVID-19 pandemic has resulted in many people borrowing from their companies’ qualified retirement plans, and the CARES Act provides some temporary rule changes to this loan type. However, given the risks and costs of borrowing from a retirement plan, it should generally be viewed as a last resort.

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Managing Cash Flow During a Crisis and Beyond

Submitted by McCrate, Delaet & Company on July 28th, 2020

Your cash flow is the financial story of your business. It tells the story of your high points and low points, where the money comes in and goes out, and is the lifeline of your business in times of crisis.

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Don’t go it alone: The role of CPAs during times of economic crisis

Submitted by McCrate, Delaet & Company on July 28th, 2020

Economic downturns are an almost inevitable reality for nearly every business owner. Decisions made far away from your community, catastrophic and unpredictable weather events, and even global pandemics as we’ve seen this year can disrupt the health and viability of a business.

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Recordkeeping Best Practices Are Good for Taxes

Submitted by McCrate, Delaet & Company on May 4th, 2020

Have you ever tried to claim a new tax deduction, but in the process of compiling supporting documents, you found you were missing critical information and therefore missed out on the opportunity? Or, have you ever faced an IRS audit and struggled to come up with documentation supporting your tax return data?

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Four new law changes that may affect your retirement plan

Submitted by McCrate, Delaet & Company on January 29th, 2020

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes.

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IRA charitable donations are an alternative to taxable required distributions

Submitted by McCrate, Delaet & Company on November 4th, 2019

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.

IRA distribution basics

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Uncle Sam may provide relief from college costs on your tax return

Submitted by McCrate, Delaet & Company on September 17th, 2019

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions.

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Should you elect S corporation status?

Submitted by McCrate, Delaet & Company on August 19th, 2019

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes.

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Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory ServicesSM .  We currently have individuals licensed to offer securities in the states of Ohio, Indiana, Florida, and Pennsylvania. This is not an offer to sell securities in any other state or jurisdiction.

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This information is not intended as specific tax or legal advice. Please consult our firm and your legal professional for specific information regarding your individual situation.

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