Call Today: (202) 789 - 8898
Posted by: Charles P Myrick CPA Posted on: Apr 07 2022

How the Employee Retention Credit Affects 2021 Business Filing

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law in March 2020 as part of the US government’s response to the economic repercussions of the COVID-19 pandemic. A provision in that bill known as the Employee Retention Credit may reduce the tax liability of qualifying employers. The good news is that the American Rescue Plan Act of March 2021amended the CARES act to make the tax credit even more generous.

Read More →
Posted by: Charles P Myrick CPA Posted on: Aug 28 2020

What is the Best Business Entity for a Solopreneur?

What is a solopreneur, and what kind of business can a solopreneur form or develop? The term “solopreneur” is often used interchangeably with "entrepreneur," "freelancer," "self-employed" or "small business owner,” perhaps since all of them will likely have to pay self-employment taxes and file 1099 forms. While any of these terms may be simultaneously valid for your business, there are distinctions between them.

Read More →
Posted by: Charles P Myrick CPA Posted on: Jan 28 2020

Turn Your Hobby Into a Business

Many dream of earning a living doing what they already love to do. What if you could turn that hobby from being a costly personal expense into a money-generating side hustle, or even your main business? The IRS no longer allows deductions for hobby expenses, but business expenses are eligible. Statistics suggest that one out of every five Americans will start their own business in the coming year. If you want to be one of those entrepreneurs, there are a few things to keep in mind to get it right.

Read More →
Posted by: Charles P Myrick CPA Posted on: Oct 24 2019

Is an LLC the Best Fit For Your Small Business?

I help many small businesses with tax planning and filing. Many new entrepreneurs have to decide between an LLC (limited liability company) and a sole proprietorship. The truth is that, although the selection of a business entity is an essential decision, there isn’t one single answer to the question of LLC vs. sole proprietor. The implications for liability and tax status are two of the issues to consider.

Read More →