December 2021 E-Newsletter

DECEMBER 2021 E-NEWSLETTER

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December Featured News

Year-End Tax Saving Tips For Individuals

As the sun sets on 2021 and we look forward to a new beginning in 2022, keep these last-minute tax savings in mind.

Why Job Costing is Important

Operating a profitable business means knowing how much it costs to complete a project. With prices going up, its especially important to review costs now.

Financial Statement Red Flags

Reviewing your company’s financial statements often can catch problems early before they turn into bigger issues. Beware of these red flags.

Tax-Loss Harvesting

If you’ve traded stocks or other capital assets in 2021 for a gain, you can offset your profits by selling securities that have lost value. This is called tax-loss harvesting.

December 2021 Q & A

Q: I’ve misplaced my 2019 tax return. How can I get a copy?

A: You can get a copy of your tax transcript free and immediately on IRS.gov. A transcript summarizes key data like adjusted gross income, deductions and tax amounts. But if you need a copy of an actual tax return, you’ll need to mail Form 4506. There’s a $43 fee per return, and it can take the IRS up to 75 days to process your request. In the future, keep electronic copies of your tax returns and all of your supporting documents.

Q: Is registering a DBA all I need to form my business?

A: Registering a doing business as (DBA) name without first forming an LLC, corporation or other legal entity means that your state will recognize your business as a sole proprietorship. As a sole proprietor, you can legally operate a business in your state under this fictitious, assumed, or trade name. But keep in mind that you’ll lack the legal liability protections and tax breaks that come from running other types of businesses. And if you want to do business in other states, you’ll need to register the DBA there.

SHORT BITS

SUPPLY SHORTAGE

In a recent Gallup poll, 60% of US adults said they could not get a product they wanted last summer because of shortages, and 57% said they’d experienced significant delays in receiving the product they ordered. Over 80% of those surveyed experienced considerable price increases. These scarcities and delays are primarily caused by labor shortages and difficulty securing raw materials.

GRANTS GIVEN

The US Small Business Administration recently awarded $2.7 million in grants to women-owned businesses impacted by the COVID-19 pandemic. Grants of up to $200,000 were given to 14 organizations to help inspire active female entrepreneurs across the country and aid women-owned businesses in expanding their products and services to meet the changing post-pandemic economy.

OLDER WORKERS

According to the US Bureau of Labor Statistics, America’s workforce has changed a lot in 40 years, and it’s getting older. Between 1979 and 2019, the fraction of the workforce that’s 65 years or older increased from three percent to seven percent, partly due to longer lifespans and a decrease in physically demanding jobs. And there are fewer teenagers in the workforce today. They made up about eight percent of workers in 1979 compared to only three percent in 2019.

SHORTER WEEKS

Scotland joined Iceland, New Zealand and Japan in a trial run of four-day workweeks to boost employee productivity and happiness. Workers won’t see a pay cut for the decreased hours thanks to $13.8 million in governmental funding. Results from Iceland’s shortened workweek implemented in 2015 show that over 80% of workers reported a better work-life balance.