Welcome to the blog of Holcombe, Holtzclaw & Ravan LLC
Promoting Health, Wellness and Life Giving Community
CARES Act and What It Means For You
Now and again, our country can show up forcefully isolated; separated by ages, by left and right, by our disparities, and even by the political parties. Once in a while, conditions emerge that force us to either ascend as one or be broken. We are confronting...
HHR Corona Virus Procedures
In response to our present state of crisis, I felt the need to communicate with you regarding our method of operations for the near future. For us, the restrictions that are now in place pose some added difficulties with them occurring during tax season. Some...
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. Economic Injury Disaster Loan Program...
(Updated) Payment Deadline Extended to July 15, 2020
(Updated: The filing date has also been extended to July 15) March 18, 2020 The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax...
Do you run your business from home? You might be eligible for deductions
Reasons why married couples might want to file separate tax returns
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint...
How business owners may be able to reduce tax by using an S corporation
Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics...
Can your board recognize financial red flags?
A key fiduciary duty of your not-for-profit’s board of directors is to oversee and monitor the organization’s financial health. Some financial warning signs — such as the loss of a major funder — may jump out immediately. But other red flags can be more subtle. Here...
Conflict-of-interest policies are too important for nonprofits to neglect
Does your not-for-profit organization have a conflict-of-interest policy in place? Do your board members, trustees and key employees understand how the policy affects them? If you answer “no” to either (or both) of these questions, you have some work to do. A duty...
Tax limits affecting businesses have increased for 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social...