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COVID-19 Updates & Resources
We are Here to Help you Navigate Through the COVID-19 Pandemic
The spread of COVID-19 has caused confusion, uncertainty and insecurity for just about every company throughout the United States and across the globe. Holbrook & Manter is here to help you navigate through these troubled times with up-to-date accounting resources, useful online tools and simplified explanations that tell you exactly what these government-issued updates mean for you, your business and your employees.
Helpful Resources and Websites:
…The QBI Deduction: Is your Business Eligible?
If you own a business, you may wonder whether you’re eligible to take the qualified business income (QBI) deduction. (It’s sometimes referred to as the “pass-through” deduction or “Section 199A” deduction.)
The QBI deduction is available to owners of sole proprietorships, single-member limited liability companies (LLCs), partnerships, and S corporations, as well as trusts and estates. It’s intended to reduce the tax rate on QBI to a rate that’s closer to the corporate tax rate. The deduction is taken “below the line.” In other words, it reduces your taxable income but not your adjusted gross income. It’s available regardless of…
Disability Income: Is it Taxable?
Many Americans receive disability income. If you’re one of them or know someone who is, you may wonder whether it’s taxable. As is often the case with tax questions, the answer is “it depends.”
Key factor
The key factor is who paid it. If the income is paid directly to you by your employer, it’s taxable to you as ordinary salary would be. Taxable benefits are also subject to federal income tax withholding — though, depending on the disability plan, they sometimes aren’t subject to Social Security tax.
Frequently, the payments aren’t made by the employer but by an insurer…
4th Quarter Decisions – What should my business do?
By: Matt Straker, Director, Business Consulting Services
For many businesses 4th Quarter is here again and we are analyzing our business performance and financials for 2021. Does it look like we are going to hit our goals? Are the sales levels what we expected? Was our performance where we hoped to produce a great Gross Profit? Is the Bottom Line going to be good this year? Is Depreciation at an adequate level? Should we be spending money to help with taxes?
These are all very important questions to ask yourself as you…