Arrow Tax & Bookkeeping

Entrepreneur Success Stories: Rivian CEO RJ Scaringe shows why determination is a key differentiator for those that succeed. Learn the backstory.

Here's your tax fact of the week from your friends at Arrow Tax & Bookkeeping.

If you are considering buying an electric vehicle, adding solar to your home or making energy-saving improvements to your home, you may want to wait for the outcome of the Build Back Better Act legislation being hotly debated in Congress.

In the wake of the Covid-19 pandemic, businesses of all types report that they need workers. If you are an employer and hire certain new employees, including someone who has been unemployed for 27 consecutive weeks or more and received some unemployment compensation during that period, your business may qualify for the Work Opportunity Tax Credit. Learn more.

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Employers must comply with numerous requirements, including paperwork and notices, when hiring new employees. In addition to required new hire paperwork, documentation is recommended to help administer payroll, benefits, and other HR responsibilities.

Want to increase the odds of your start-up surviving and thriving? Follow our best practices below.

Here's some motivation for your Monday from Arrow Tax & Bookkeeping

Looking to open an IRA account? Watch this video to learn the basics of IRAs and find an IRA that is right for your goal.

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Proposed IRA tax code change would affect retirement accounts over 10 million. Full story below.

Some insider tax knowledge from Arrow Tax & Bookkeeping.

If you think that education credits are just for sending your children to college, think again--the credits are available to you, your spouse (if you are married), and your dependents. Even if you or your spouse is only attending school part time, you still may qualify for a tax credit.

Don't let bookkeeping get in the way of growing your business. Some best practices below.

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An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.

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First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?

Here is a fun fact for your Friday from Arrow Tax & Bookkeeping.

Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.

It matters how you get there. Wednesday Wisdom from Arrow Tax & Bookkeeping

Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.

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For those who love learning: here's a tax fact from Arrow Tax & Bookkeeping.

Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.

Midweek Wednesday Wisdom from Arrow Tax & Bookkeeping