Withdrawing From 401(k) Due to COVID-19
By: Pamela Andrillon, JBS Corp The COVID-19 pandemic has financially impacted millions of Americans’ lives, forcing many to withdraw funds from their 401(k) savings account to stay afloat. Typically, making a withdrawal from your 401(k) before the age of 59½ is met with a 10% early withdrawal penalty. Fortunately, the Coronavirus Aid, Relief and Economic […]
Last Call for Tax Planning
By: Pamela Andrillon, JBS Corp. We’ve given you time to familiarize yourself with the tax strategies and concepts. Last month we shared an article by NerdWallet, and now that we are in the home stretch of 2020, it’s time to put your newly-found knowledge to use for your tax plan. Keep in mind, if done correctly, […]
Tax Planning: Things You Should Know Before This Tax Season
By: Pamela Martinez, JBS Corp. Here, at JBS, we are big fans of the content being released over on NerdWallet. Which is why when we sat down to write about tax planning and noticed they already executed it perfectly, we decided to share with you one of their recently published articles: Tax Planning for Beginners: 6 […]
Paycheck Protection Program (PPP) – What you don’t know might hurt you
By: Rob Aquino & Pamela Martinez, JBS Corp. The Paycheck Protection Program (PPP) Loan was one of the primary sources of relief offered by the U.S. Small Business Administration during the COVID-19 pandemic. The PPP loan gave small businesses short-term loans of 2.5 times their average monthly payroll expenses at a 1% interest rate. It offered full forgiveness if […]
Commonly Missed Tax Deductions by Real Estate Investors
By: Pamela Martinez, JBS Corp You’ve educated yourself on the few things you should know before investing in real estate property and decided it’s the investment route for you. With tax season quickly approaching, you need to get the most out of your refund by not missing these deductions. Startup Cost For those of you who have […]
The Importance of Good Recordkeeping
By: Pamela Martinez, JBS Corp. The golden rule of owning a business; owners are tired of hearing it, and accountants love repeating it: Good recordkeeping is essential to success. According to the IRS, good recordkeeping helps small business owners track, prepare and monitor all of the following: their progress, prepare financial statements, identify income sources, keep […]
How to Handle Overwhelming Debt
By: Pamela Martinez, JBS Corp We know debt happens; personal loans (e.g., mortgages, student loans, car loans) don’t always turn out as planned, and not every business venture is successful. But, what happens when your finances are tight and employing debt repayment strategies such as the snowball method aren’t enough anymore? Whether you’ve taken out too many loans […]
COVID-19 Impacts on 2020 Taxes
By: Pamela Martinez, JBS Corp COVID-19 has ripped normalcy from beneath us and altered our life in every aspect; our work, social, and personal lives have been flipped upside down with no end in sight. To follow suit the 2020 tax season will be a mind-boggling one. Collecting Unemployment COVID-19 forced businesses across the country to […]
The Concept of the Highest Branch
By: Pamela Martinez, JBS Corp. Children are encouraged to dream big, shoot for the stars, and pursue careers such as physicians, lawyers, financial planners, etc. However, the reality is that few children will ever meet a professional in such a field that looks like them. The unfortunate truth is that such inspirational language isn’t sufficient […]
Common Audit Risks for Small Businesses
By: Pamela Martinez, JBS Corp. Becoming a small business owner is no easy feat and can often be intimidating. We see it all the time as tax season rolls around and owners scramble to complete their tax return. Although the odds of a tax audit are low, small business owners are encouraged to take the […]