Timely Financials-1

Welcome to


The Learning Center

One of our core values is empowerment through education - it means a lot to us.

The Learning Center was made as a resource for business owners and inquisitive individuals who want to learn more about the current world of taxes and accounting.  If that sounds like you, you're in the right place.

Reach out if you have any questions.  Thanks!

3 min read

Quarterly Estimated Taxes

Published on May 17, 2021 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 2021

Taxes are no longer something you can do once a year. If you want to ensure you have mastered your cash flow, then quarterly taxes are something that can help you do this.

Although it might seem like a bit of a chore, there are many upsides. Paying your taxes quarterly allows you to spread the responsibility over the year so you don’t experience any challenges with your cash flow, and you can make sure you don’t have a huge bill to pay in April. Here we’re going to look at how quarterly taxes work and what you should know.

 

Tax - Individual Tax - Business
2 min read

S Corporations: Reasonable Compensation Explained

Published on Feb 03, 2021 by John Kirkland | Last updated on Jul 21, 2021

An S corporation is a pass-through entity that is treated very much like a partnership for federal income tax purposes. As a result, all income is passed through to the shareholders and taxed at their individual tax rates.

Tax - Individual Tax - Business
4 min read

Important Tax Due Dates

Published on Jan 07, 2021 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 2021

Running a business is downright difficult.  Keeping track of important tax due dates shouldn't be.  Review these deadlines on a monthly or quarterly basis to keep track of what is due and when!

Accounting Tax - Individual Tax - Business
4 min read

Congress Liberalizes PPP Loan Forgiveness

Published on Jun 12, 2020 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 2021

If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness.

Accounting Tax - Business Coronavirus
3 min read

Working from home during the COVID-19 outbreak? It probably won’t save you much on your taxes.

Published on Apr 09, 2020 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 2021

Even if you always hire a tax preparer to do your taxes for you, you probably know that the most effective way of reducing your tax liability is through deductions and tax credits. Since one of the biggest deductions available is the one taken for home office space, in this strange and disorienting period of isolation due to the COVID-19 pandemic, many workers who’ve been told to work from home are wondering whether they’ll be eligible for that additional tax benefit. Unfortunately, the short answer to that question is probably “no.”

Tax - Individual Tax - Business Coronavirus
3 min read

Stimulus Legislation Includes SBA Loan Forgiveness

Published on Apr 03, 2020 by John Kirkland | Last updated on Jul 21, 2021

Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times.

Tax - Business Coronavirus
2 min read

Tax Credit Pays for Keeping Employees on Payroll

Published on Apr 01, 2020 by John Kirkland | Last updated on Jul 21, 2021

To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations.

Tax - Business Running Your Business Coronavirus
3 min read

Why is my tax return being paper filed?

Published on Jan 09, 2020 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 2021

Great question!   The IRS and most states require taxpayers to e-file their tax returns.  Sometimes though there’s legitimate reasons why a return will be paper filed instead.  Here's a few of them!

Tax - Individual Tax - Business
10 min read

Understanding Tax Lingo

Published on Jan 03, 2020 by John Kirkland | Last updated on Jul 21, 2021

When discussing taxes, reading tax related articles or interpreting instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be difficult to understand tax strategies if you are not familiar with the basic terminologies used in taxation. The following provides you with the basic details associated with the most frequently encountered tax terms.

Tax - Individual Tax - Business