Resources

10 Financial Metrics Small Business Owners Should Know

Knowing which numbers are most important to your business, the financial ratios applicable and beneficial to your business, and how to interpret that data to make well-timed and impactful decisions is vital to your success. In this blog we detail 10 of the most important financial metrics and how to leverage them.

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The Highlights of the American Rescue Plan Act (ARPA)

On March 11, President Biden signed the American Rescue Plan Act (ARPA). In this blog we review the highlights of the ARPA, including stimulus checks, unemployment assistance, the child tax credit, and more. If you have any questions about how these provisions impact you, please contact us today.

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Happy International Women’s Day from Cray Kaiser!

Every year on March 8th, International Women’s Day is celebrated around the world. At Cray Kaiser, we’re especially proud that over 50% of our staff is women, with the firm being 56% women owned. Today and every day, it’s important to us to recognize the value that women bring to the workplace. In celebration of International Women’s Day, we’re sharing a few thoughts from the female team members at CK.

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The Tax Rules for Renting Your Home or Vacation Home for Short Periods

Many taxpayers rent out their first or second homes without considering tax consequences. Even if you rent out your property using rental agents or online rental services that match property owners with prospective renters (i.e. Airbnb, VRBO, HomeAway), it is still your responsibility to properly report the rental income and expenses on your tax return. You should be aware of some special tax rules for renting your home that probably apply to you.

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Cray Kaiser Employee Spotlight: Aaron McWilliams

In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be more proud of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Aaron McWilliams.

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Don’t Miss an Opportunity for a Spousal IRA

One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation. Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation.

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Is My Inheritance Taxable?

Are you asking yourself: is my inheritance taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to the decedent’s beneficiaries.

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How to Obtain an Identity Protection PIN (IP PIN) in 2021

The IP PIN serves as the key to an individual’s tax account. Electronically filed returns that do not contain the correct IP PIN will be rejected, and paper returns will go through additional scrutiny for fraud. Effective now, anyone can request an IP PIN, it is no longer limited to victims of identity theft. Given the uptick in unemployment tax fraud, where thousands of social security numbers were compromised, now is the time to consider obtaining the IP PIN.

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Why You Should Hire a Tax Professional During the COVID-19 Pandemic

The pandemic will have lasting tax implications that many people may have not considered. For some, it can mean simply reporting income or expenses differently. For others, it may mean having to pay additional income taxes that had not been planned for. Regardless of your specific situation, this might be the year that you should hire a tax professional to help address tax complications due to COVID-19.

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Understanding the Revisions to the Employee Retention Credit in 2021

On December 27, 2020, President Trump signed a number of bills, including one that breathes new life into the Employee Retention Credit (ERC). While the headline was that employers receiving Payroll Protection Program (PPP) loans could now also claim the ERC, did you know the credit was significantly enhanced? Especially in 2021, we see the expanded credit as an incredible opportunity for employers.

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