CARES Act Small Business Loan Basics. From the beginning, Millan and Company's mission has always been to help small businesses grow, even through the challenges and difficulties the coronavirus pandemic presents. To that end, we’d like you to be aware of the Paycheck Protection Plan, which was … [Read more...]
Distinguishing between a hobby versus a business for tax purposes
Several factors and circumstances help determine if an activity producing a net operating loss should be treated as a business or hobby for tax filing purposes. In general, a hobby is mainly done for recreation and pleasure whereas a business is primarily focused on generating a profit. Of the … [Read more...]
Choosing among Pass-through Entities
By: Carlos Nazario CPA, JD, Tax Director at Millan and Co, PC, Austin, TX. February 2019. carlos@millancpa.com Pass-through Entities Usually a business is organized using an entity, which has legal capacity independent form its organizers, and can own property, raise capital, enter into … [Read more...]
Saving Money by Sharing Has Never Been Easier
The sharing economy has re-configured the way we operate and live. Thanks to smart phones, virtually any need can be met instantly with the click of a mobile app. These sharing apps provide seemingly endless possibilities for consumers to unite and collectively utilize their resources, skills, … [Read more...]
Ensure your Small Business Is Using The Best Financial Management Programs
Small business owners have disparate needs and objectives. The need for a strong program to manage finances, however, is imperative whether you are a start-up, consultant, freelancer, sole-proprietor, or a growing microbusiness. The day-to-day operations of burgeoning companies vastly differ from … [Read more...]
Mark Your Calendars – Congress Enacts New Due Dates For Taxes
On July 31 Preseident Obama signed the short-term mass transit and highway funding extension bill into law, which continues to provide funding for transportation projects. Additionally, Congress included in the bill a number of changes to tax return due dates, tax extension lengths and statutes … [Read more...]
Know The Difference Between A Budget and A Forecast?
Financial management directly influences the performance of your business. Overestimate cash flow, and you could find yourself in the red. Underestimate, and you could miss out on investment opportunities. To ensure proper fund forecasting and budgeting, businesses should always entrust their … [Read more...]
Millennial Millionaires? A Financial Advisor Could Help You Join The Ranks.
Millennials, or young adults under the age of 35, may not feel they’re on a career trajectory toward becoming a millionaire. However, with careful planning and advising, many millenials can obtain this goal and set aside a comfy nest egg for adulthood and retirement. The key is … [Read more...]
File a Simple IRA for your Business Before October 1st
If you are unaware, the deadline for filing a Simple IRA for your business is approaching fast. What is a Simple IRA? The Simple IRA allows small businesses to contribute to their employees’ retirement plans, without that business to go through the expensive of establishing a 401k. Thus, employees … [Read more...]
Corporate Compliance That Makes Sense
It’s hard to keep up with compliance requirements when there are so many new regulations being added every day. Unless you have an internal auditor, how do you know if your company is following all the rules? Even if you have an internal auditor, without knowing all the regulations, your company can … [Read more...]