There's a big difference between tax planning and tax preparation.

This tax-filing season, much like every other aspect of 2020, has been anything but normal thanks to the COVID-19 pandemic. With tax day looming just around the corner (the IRS changed the annual tax-filing deadline from April 15 to July 15) many are trying to find the easiest and most effective way to file their taxes from home.

The good news is that there is 2 trillion dollars out there with a $349 billion ear marked for low interest rate emergency small business loans. Let’s get our share! After all we will all be paying back this stimulus package for the remainder of our natural lives.

If it is not a problem in five years, then it is not a problem today. The coronavirus is shocking the markets going back to last Friday. This has caused some panic in the markets and created more sellers. It is likely, earnings will drop by 10-15% for the first quarter and by 5- 10% by the second quarter before rebounding to the norm in the third quarter. Obviously much of this is dependent upon the coronavirus. We need to see the number of cases level off or even drop. We have seen the number of cases stagnate

Every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the accounting business is no exception. To help you understand the terms, acronyms, and phrases regularly used when working on accounting, bookkeeping and taxes, Holyoak & Co. has created this handy reference guide.

In today’s increasingly individualized, tech-centered society, more and more people are finding themselves on a self-employed career path. Working for yourself can be a liberating experience and, when done correctly, you can make a nice living for yourself. Short-term, or freelance work are both part of the rapidly growing gig economy. Writing, dog walking, and rideshare are all popular jobs that people have taken on full or part-time in order to have more control over their personal finances and time.

When bringing your idea to life, it is important to recognize if there is a need in the marketplace for your product or service offering. However, even if the odds are in your favor, it takes a lot more than passion and commitment to transition from a startup to a well-established company.

Every business goes through phases of development, from ideation to startup and maturity to decline. To quickly and confidently navigate through every stage, it is advisable to hire qualified accountants. They can anticipate fiscal issues, improve profits and keep your business on the right track.  

Our email newsletter is a one-stop resource for relevant news and content about Holyoak & Company, accounting, taxes, and business profits.

December 22, 2017, witnessed the signing of one of the most sweeping tax legislation since the Tax Reform Act of 1986. According to the new Tax Cuts and Jobs Act of 2017 (TCJA), there are now small reductions to income tax rates for most individual tax brackets and a significant reduction in income tax rates for corporations.

An accountant’s job is to compile, analyze, verify and prepare financial records to ensure lawful, efficient and compliant business practices. The accountant monitors and records the flow of money through a business or organization. They are responsible for their company’s financial health. 

We are delighted to announce the launch of our new website!

Our new website provides our existing and prospective clients a simple yet interactive view of our work and the services we offer. 

New Website Coming Soon!