EXPAND

Member Spotlight

1 Source Signs

Since 2004, 1 Source Signs has been serving the City of Houston and surrounding cities with their custom sign needs. 1 Source Signs has been a leader in on premise signage for retail, commercial, industrial, church, and corporate facilities.  Read more to save 10% on your next project!

Sabo Accounting & Tax Services

Trusted Advice and Tech-Savvy Solutions for Your Business from Your Local Team of Financial Professionals

Achieve your financial goals and gain the freedom to focus on what matters most.

Supporting the success of our local business community with fully integrated accounting, payroll and tax solutions is our mission. Working with our local professionals will help you understand the big picture of your business financials while freeing yourself from day-to-day back office details so you can grow your business.

As a member of the local community for more than 20 years, our team understands that your personal finances and those of your company are intertwined—and we are dedicated to providing you with a holistic approach to managing both. Learn more about how we can help you on our website (https://saboaccounting.com/) and contact us for a complimentary consultation.

Take advantage of our full suite of accounting, payroll, tax and business advisory services to position your business for growth and stability with real-time access to accurate data so you always know where you stand.

Connect with our responsive local financial professionals today to learn more about our services and to receive a customized proposal to choose the services that are right for you. The Sabo Accounting & Tax team always answers your call or email personally. Talk to us today!

In order to help you better understand the financial indicators you should be tracking to make sure your business remains healthy and growing, we encourage you to take the time to download our complimentary  E-Book, "The 6 Essential Financial Indicators that Drive Your Business Success".   (To download, simply click on the image below.)

 

 

Update! Important Tax Changes Which May Impact Your Business in 2020 & 2021

Tax season is here again! There are many important changes and updates which may affect your business due to COVID-19. We have summarized some of the key ones below:

The coronavirus pandemic resulted in changes to business taxes in 2020 and 2021. Businesses saw many new tax incentives, breaks and rules as the U.S. government tried to combat COVID-19's toll on the economy. Here are some of the new programs and changes:

Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act introduced the Paycheck Protection Program (PPP) as an emergency loan that allocated billions of dollars to small businesses. The PPP is a forgivable loan, so long as the funds are utilized to fund payroll, rent/mortgage and utility payments.

A second round of PPP funding is underway now for those businesses who have a 25% reduction in revenue for any one quarter in 2020 as compared to 2019. Any funds a business received and was forgiven through the PPP is not considered taxable income for 2020, though any amount that is not forgiven remains a repayable loan. The same tax treatment is available for round 2 funding received in 2021.

The Employee Retention Tax Credit (ERTC) for 2020. Businesses affected by COVID-19 can use the ERTC to retain staff members. To qualify, a business has to have been fully or partially closed due to a government-mandated shutdown or experience a decline in gross receipts of more than 50% for any given quarter when compared with the same quarter in 2019.

Employers that qualify for the ERTC are eligible for a tax credit equal to 50% of qualifying wages, up to $10,000 per employee between March 13, 2020, and Jan. 1, 2021. The maximum credit is $5,000 per employee for 2020. ERTC for 2021. You can claim the ERTC and receive PPP funding. The qualifying factors of being shut down or experiencing a decline in revenue are still in effect; although the decline is now reduced to 20%. The maximum credit is $14,000 per employee for 2021. This credit expires June 30, 2021.

Business Meal Deductions. Meals purchased at restaurants will be 100% deductible in 2021 and 2022 in an effort to support the restaurant industry. This means that business lunch and dinner meetings over meals at restaurants, as well as take- out restaurant meals brought into the office to share with clients, will be 100% deductible.

CARES Act Credits Extension. The provisions of the Families First Coronavirus Response Act (FFCRA) have been extended to March 31, 2021. Employers are no longer required to provide sick and family leave for workers who are directly impacted by COVID, but if they choose to pay for the time off, costs are offset with refundable tax credits against employment taxes, reported on the Quarterly Form 941.

Thank you for allowing us to serve you. We will provide additional information when it is available.

If you have questions about tax or accounting services, use this link to schedule a complimentary consultation or give call us at 713.337.4111 to talk to us about your monthly accounting, payroll and business advisory needs.

Sincerely,

The Sabo Accounting & Tax Team
Sabo Accounting & Tax Services