Abacus CPA wishes you a happy Labor Day and a promising September! As the summer turns into fall, this holiday usually signifies a new school year, fiscal year, or just new beginnings. We can expect this year to differ from others with the presence of COVID-19, but that doesn't mean you shouldn't be excited to close 2020 out on a strong note.
What are your plans for the final months of the year? Are you trying to achieve a stretch goal for your business? Wanting to get all of your holiday shopping done by November? Thinking of getting your finances together this year and hiring a CPA? The September Abacus newsletter will provide you with the necessary tips to finish the last quarter of the year the way you desire.
What goals are you looking to reach by the time 2021 arrives? These can be either personal or professional. If you haven't set any, start thinking about how you can set yourself up for a great year. What actions can you take that will make you proud as you reflect on 2020?
Here are articles that can help you decide the best way to close out your year:
Chat With My CPA is a webinar series where Abacus CPA, LLC
is Taking the Fear Out of Finance.
Every webinar focuses on a different topic to help both the individual and the business secure financial success. Earlier this month, we discussed the optimization of a boutique's bottom line. Next month, we are continuing the conversation and giving you tips on how to invest in your boutique's bottom line to generate more income!!!
One of the biggest changes COVID-19 has made in our world is the major shift to remote
school and work. If you're still trying to find
your balance in this new normal, you're not alone.
Here are some tips that can help you adjust effectively:
How To Adjust To Your Remote Experience
"As countless companies of all sizes find themselves shifting to remote work due to the novel coronavirus pandemic, the challenge also creates opportunities. I believe that now is a great time for organizations to change their thinking in ways that will improve the people side of their operations, long after the current crisis has passed."
Does your job involve giving gifts to clients to show appreciation or to prospects to close the deal? Do you do Secret Santa, company parties, or any other forms of gift giving? These actions often result in happy employees, loyal clients, and increased morale. Also, there's one more incentive for them that can't hurt- they count towards tax deductions! Here's how you can make those purchases count:
Cost of The Gift: There is a limit on how much you can deduct from the cost of spending money on business gifts, and that is $25 per gift recipient. If you purchase a gift for the same person three times during the year totaling $45, you can only deduct $25. If you gave gifts once to three different people, you can deduct $75 total.
Business Entertainment Gifts: You can deduct more than the $25 limitation if you give out a gift of entertainment instead. If you give things like concert tickets, sports tickets, movie passes, or hotel stays, you can deduct up to 50% of the cost.
Company Parties: Client appreciation parties can be fully deductible as long as you can prove they are primarily for the benefit of employees and their families that are not highly compensated. If customers also attend, the party can be partially deductible.
September 7: Everyone- Federal Holiday (Labor Day)
September 10: Employees who work for tips- If you received $20 or more in tips during August, report them to your employer.
September 15: Individuals- Make a payment of your 2020 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way).
September 15: S Corporations- File a 2019 calendar year income tax return and pay any tax due. This due date applies only if you timely requested an automatic extension.
September 15: Partnerships- File a 2019 calendar year return This due date applies only if you were given an additional extension.
September 15: Corporations- Deposit the third installment of estimated income tax for 2020 For more information
The filing date has passed, but Abacus is still here for you. If your extension date is coming up and need assistance filing, or want to plan ahead for the next tax season, schedule a consultation with us today!