Tax Tip: Keep track of Business Purchases.
You need to be able to prove your business purchases in case of a tax audit.
Be sure and keep written documentation, receipts, etc., so that if you were audited there would be no changes in the taxes due.
Not sure what purchases are deductible? Click here to visit Intuit's 2022 Complete List of Small Business Deductions.
Conference Call Relating to the CARES Act
Miss the conference call today on the CARES ACT, the Payroll Protection Program and the Economic Injury Disaster Loans?
Click the link below to hear what you missed.
After reaching the 'soundcloud website' click the sound bar at minute 17 to hear the conference call.
March 31, 2020
Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying on Friday. The Treasury Department released information for borrowers and lenders, posted an application and urged applicants to act quickly.
March 28, 2020
Now that Governor Ivey has ordered all non-essential businesses to close at 5:00 on Saturday, March 28, 2020, there are going to be many people unemployed. If you are one of these people, please go to labor.alabama.gov and file for unemployment.
If you are a business owner, these claims for unemployment will not cause your unemployment rate to go up.
We will continue to process payrolls for our clients that remain open.
Even a profitable business can have cash flow problems. Call Downs & Associates and let us help you. We can evaluate your company's financial condition and estimate required finances and track cash flow. Preparation and a plan will alleviate your stress when you Call Downs & Associates today at 205-221-5454
You have probably thought about it, but have you prepared for business succession? With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategic plan for the transition of your business to your successors. Let us help you prepare so that you will be ready when the time comes.
Call us at 205-221-5454.
Downs and Associates CPAs, LLC