Victory Accounting and Tax Inc

Merry Christmas and happy Hanukkah to all and may you have a happy and prosperous New Year!!

Be yourself, but always your better self. 👌🏽👌🏽

Looks like there will be another Coronavirus relief bill which will include direct deposit payments for singles who made (in 2019) less than $75k and marrieds who made less than $150k. It will be half of the last one and could start depositing as soon as one week after this has been voted on this week.

Today we honor our Veterans! Thank you all for your service to our awesome United States of America!

Interview on buzzfeed TV... interesting experience 😊

"Ignite Success" with Melissa Dietz from Victory Accounting and Tax Inc | IwantaBuzz 25 year motivational speaker and author Snowden McFall (www.firedupnow.com) welcomes outstanding women across the nation to this uplifting and interesting show, filled with practical advice and tips for women. Today, Snowden talks to Melissa Dietz from Victory Accounting and Tax Inc.To learn more ch...

Payroll deferral - key word is deferral.. I don't think this is a good idea for business owners of their employees. The taxes will have to be paid eventually, but at a larger amount. It is much easier to pay in smaller amounts than have them snowball. There is also added complexity to the administration of the deferral - for both the business owner and the IRS.

Finally the IRS is back in service. We can actually call the practitioner hotline and get a real person. They told me that the faxed documents to the IRS was piled very high! At least they have stopped sending notices until they can get through the massive amounts of paper!

In the midst of this pandemic, accountants who have been using web based solutions are faring better than those who rely on desktop and face-to-face meetings to get work done. Using the internet has created space where employees can work from home. These are changes for many, and business as usual for those of us who were prepared.

New CARES Act or Coronavirus Aid for small businesses should speed some relief in our economy. The main feature of this will be emergency grants and a forgivable loans for companies with 500 or less employees. These funds are available through the Small Business Administration. These are to cover 8 weeks of payroll, rent and utilities.

Getting ready for tax season is so important. How not to stress over it also scores high! Scheduling responsibilities, PTINs updated, tax training in place, materials ordered for 1099s and W2s - check to all! We've got this!!

As accountants, our profession is always changing. Bookkeeping still is the main component of my business. Without good financials, the tax return won't be accurate. Everything flows together from the start up of your business, to keeping good books, using payroll as tax strategy and then the preparation of the final product - the tax return. We do all of these things here at Victory!

What is a key element to success for a small business? Monthly financials and good cash flow!!