Small Business Blog

2 min read

How Start-Up Expenses are Handled on Your Tax Return

TMA Accounting:

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020...

2 min read

Don’t Assume Your Profitable Company has Strong Cash Flow

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Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of...

3 min read

7 Valuable Deductions for Self-Employed Individuals

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If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong...

3 min read

Labor Shortage: Evaluating Your Employment Value Proposition

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In normal market conditions, people who’ve been unemployed due to an economic slump are generally eager to take a job when the economy perks up. But...

2 min read

The IRS has Announced 2022 Amounts for Health Savings Accounts

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The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).

2 min read

The Restaurant Revitalization Fund is Now Live

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The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased...

2 min read

New Restaurant Revitalization Funding Program (RRF)

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The Small Business Administration (SBA) is preparing to launch the Restaurant Revitalization Funding Program (RRF). In order to help you apply, we...

2 min read

Ins & Outs of “Reasonable Compensation” for a Corporate Business Owner

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Owners of incorporated businesses know there’s a tax advantage to taking money from a C corporation as compensation rather than as dividends. The...

2 min read

PPP Adjusted to Prioritize Very Small Businesses

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When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide...

2 min read

Launching a Small Business? Here are Some Tax Considerations

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While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these...

1 min read

PPP Application Deadline Extended in New Law

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On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May...

2 min read

EIDL Loans, Offering Relief to Struggling Small Businesses

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4 min read

The Evolution of the Employee Retention Credit

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The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress...

2 min read

IRS Extends the Tax Paying and Filing Deadline for Individuals

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The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until...

3 min read

The American Rescue Plan Act has Passed: What’s in it for You?

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Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 Pandemic that has haunted the country for...

1 min read

Work Opportunity Tax Credit Extended Through 2025

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Are you a business owner thinking about hiring? Be aware that a recent law extended credit for hiring individuals from one or more targeted groups....

3 min read

Tips for Starting a New Business Today

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When one door closes, another opens. The COVID-19 pandemic has forced many small businesses to permanently shutter. But it has also provided new...

2 min read

The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

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This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by...

2 min read

View Your Financial Statements Through the Right Lens

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Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand them. You’re likely also aware of...

1 min read

20 Tips from 20 Years!

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TMA has worked with hundreds of small businesses and our team has nearly 200 years of combined professional experience.

1 min read

2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this...

2 min read

Why Do Partners Often Report More Income on Tax Returns than in Cash?

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If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership...

2 min read

10 Low-Cost/No-Cost Ways to Add Fun to the Workplace

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Looking for low or no-cost ways to bring a little fun into the workplace and tell your employees that you value them? Here are 10 ideas that might...

4 min read

5 Mid-Year Tax Planning Ideas for Small Business Owners

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The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it...

2 min read

6 Key IT Questions to Ask in the New Normal

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The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some...

2 min read

Haven’t Filed Your 2019 Business Tax Return? Chip Away at Your Bill

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The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that...

2 min read

Payroll Protection Program Flexibility Act

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Visitors, please read: The Payroll Protection Program Flexibility Act (PPPFA) was signed into law on June 5, 2020. In general terms, the Act allows...

2 min read

SBA Reopens EIDL Program to Small Businesses and Nonprofits

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Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance...

2 min read

PPP Flexibility Act Eases Rules for Borrowers Coping with COVID-19

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As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling...

3 min read

Is it Time to Reopen Your Business? 10 Questions to Ask Yourself

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Businesses across America that have been shut down due to the novel coronavirus (COVID-19) pandemic may now (or soon) have the option to reopen....