As small business owners, we are constantly looking at our bank accounts - reviewing bills to pay and trying to remember which customers still need to pay us. It is essential to ensure we have the funds needed for expenses and growth. It is a daily chore to review bank balances, statements, and transactions. Without cash in the bank, our business may abruptly stop. We all know Cash is King.

Last week the president signed the 5594 page Coronavirus Relief and Spending Package. Your Breakaway advisor is here to help you if you have any questions or are wondering if the “new PPP” applies to you. If you want to learn a little more before you chat with them, keep reading!

I have consulted many business owners on entity choice. The first question is always should I be an LLC or an S Corporation? This is a multi-layered discussion depending on number of owners, income levels and goals for the business in the future.

When you manage the books for a small business owner, you know that the process of filing the annual 1099-MISC Form is not fun. Gathering and keeping the W-9 forms for each eligible recipient is a task that, if you aren’t helping them keep up with all year, feels overwhelming on January 15 (when you only have 2 weeks left until the filing due date of January 31).

A few short months (ok, it seems like several years) ago, I wrote a blog about Why I Don’t Do Tax Returns. In that article, I pointed out that accountants who do tax returns often have to choose between spending time getting a complete and accurate tax return completed and finding tax strategies for their clients, versus having a positive ongoing relationship.

Flowing from Career to Mom to Career

Sounds smooth, seamless, peaceful, like a beautiful journey…. Well, for most of us it’s not that smooth, seamless or peaceful – it’s hard work! There are days full of joy that have moments of frustration threaded throughout. It reminds me of a line from a great book we used to read to our kids, Grandpa Bear’s Favorite Scarf by Gillian Heal: “Like life, weaving has good days and bad days. But happiness is something you make for yourself. It is your own responsibility.”

If the CARES Act was an event, then the Paycheck Protection Program (PPP) loan would be the headliner, capturing everyone’s attention with a potential forgivable loan. However, there is another performer, the Employee Retention Credit (ERC), and here is your chance to learn more about it.

“‘What is the difference between a bookkeeper in the garment district and a Supreme Court justice’? The answer? ‘One generation’.” - RBG

Should employers allow employees to defer payment of their social security taxes based on the executive order?

I recently had the experience of remodeling my house and - let me tell you - I learned a lot about myself, my business philosophies, and my plumbing.