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With year-end approaching, 3 ideas that may help cut your tax bill

Submitted by McCrate, Delaet & Company on December 1st, 2021

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end.

Tags:
  • Income Tax
  • IRA
  • SEP
  • Tax Liability
  • Read more

Seven Tax Strategies that Save Small Businesses Money

Submitted by McCrate, Delaet & Company on September 21st, 2021

Taxes are a constant for any business. They come due every year, whether you have a profitable year or are in times of economic downturn. Planning for your taxes is an important business function, as it allows you to make decisions throughout the year to maximize your tax deductions and save your business on taxes.

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10 Facts about the Pass-through Deduction for Qualified Business Income

Submitted by McCrate, Delaet & Company on July 30th, 2021

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. 

Tags:
  • Income Tax
  • LLC
  • s corporation
  • SSTB
  • Read more

Retiring Soon? Here are 4 tax issues you may face:

Submitted by McCrate, Delaet & Company on June 8th, 2021

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: 

Tags:
  • Income Tax
  • IRA
  • Retirement
  • Roth IRA
  • SEP
  • Social Security
  • Read more

Why it’s important to meet the tax return filing and payment deadlines

Submitted by McCrate, Delaet & Company on May 2nd, 2021

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules.

Failure to pay 

Tags:
  • tax return
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One reason to file your 2020 tax return early

Submitted by McCrate, Delaet & Company on February 3rd, 2021

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why?

Tags:
  • Income Tax
  • Tax
  • Read more

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
  • Read more

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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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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