New Year, New Business Plan - Tax Services

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Abacus CPA LLC October 2020 Newsletter

October 2020 Newsletter

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New Year, New Business Plan

As we enter the final quarter of 2020, it's time to start thinking about business planning strategies. Thinking of restructuring your business's operations?

Finally wanting to get that idea off the ground and create a new business?

Let's start strategizing for success!

Whether you're going back to the drawing board or starting from scratch, take a look at these tips that can help you optimize yourself for a abundant final quarter of the year:

1. Clarify Your Business Model and Identify Your Target Market

2. Hire Project Managers to Decrease the Margin of Error

3. Build New Training Structures to Assist Staff

4. Enlist the Help of a CPA for Tax & Financial Strategy

Here are articles that can help you decide the best way to close out your year:

Business Plan Template: A Step-by-Step Guide For Entrepreneurs

How to Do a Reorganization the Right Way

15 Clear Signs It's Time To Restructure The Business

Hiring the Right CPA

For more tips and tricks on reaching your financial goals:

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Chat With My CPA

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

e-commerce business's and their bottom line. This month, we are continuing the conversation and giving you tips on how to pivot and survive!!!

Save My Spot!

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Small Business Owner Tax
Tips and Deductions:

There are many credits and deductions that small businesses can be
eligible for, but many of them go unused each year. The smallest things
can pay off for you and your business, so be sure to keep track of all
of your spending and receipts in a company log.
Here are some tips on how you can get the deductions you deserve:

Section 179: Did you know that small businesses can deduct the full amount of the certain properties they use in the first year? This can include up to $1,000,000 in deductions of eligible business property, such as: property used in production, manufacturing, transportation, facilities used for business or research, storage used to hold livestock or horticultural products, and certain computer software.

Appreciable Stock Contributions: Does your business contribute to charities through stock instead of money throughout the year? If not, you should! Your company can deduct the worth of the stock at the time of donation on your upcoming taxes.

Home Office Deduction: If your home office is the base for your business, you might be eligible for deductions in that area too. In order to be eligible you must either: use a portion of your home exclusively for your business, have the home office be the principal location of your business, or be a place where you regularly meet with clients. There are exceptions to these rules, but be sure to contact a CPA to know if you qualify.

Tax Time Checklist:

Have You Been Gathering All Of Your Financial Documents?

Have You Chatted With Your CPA?

Schedule an appointment with Abacus to ensure your taxes are

prepared correctly and in a timely manner.

Free 30 Min Consultation

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October 11: Employees who work for tips- If you received $20 or more in tips during September, report them to your employer.

October 12: Everyone- Federal Holiday (Columbus Day)

October 15: Individuals- If you have an automatic extension to file your income tax return for 2019, file Form 1040 and pay any tax, interest, and/or penalties due.

DON'T FORGET:

The 2021 tax season is near, and Abacus is here for you. Want to get a jump start on your financials?Schedule a consultation with us today!