2019 Tax Payments Delayed U.S. Treasury Secretary Steven Mnuchin held a press conference yesterday, 17 March 2020, and announced that individuals and corporations can delay tax payments due with their 2019 tax returns for 90 days to infuse cash into the economy during these challenging times. Individuals can defer up to $1 million, corporations can […]
Why Business Structure Matters
This information is pretty elementary, but it is a good introduction to some of the similarities and differences in legal entities used in business. If you’re thinking of going into business or changing your structure, please contact Woodford Financial for help. When you start a business, there are endless decisions to make. Among the most […]
Contractor or Employee? The Rules for Classifying Workers
Contractor or employee? The difference matters – a lot. Be sure you’re using the correct classifications for your staff. Employees. Contractors. They both create and support products or provide services for your customers. They’re your company’s most valuable assets. But the IRS looks at each very differently. And when you hire people and start dealing […]
Ten Things to Know about an LLC
Many people are curious about the differences between LLCs and corporations. This short article describes 10 basic attributes of LLC. You probably know of several businesses whose formal names end with the acronym LLC. And you probably also know that LLC stands for limited liability company. Here are 10 things you may not know. An LLC generally […]
Individual Tax Deductions–A Look at What Has Changed
A lot of clients still ask about what has changed with tax deductions for individuals. This short article might help. The recently enacted tax reform law made some significant changes to the system of income tax deductions used by consumers. Here are highlights of the changes. The standard deduction is increased. The standard deduction […]
Welcome to Woodford Financial!
After over twenty-five years of managing financial and operational affairs for private businesses, J. Todd Renner decided to capitalize on his small and medium-sized entity (SME) and non-profit expertise and launched Woodford Financial. The Company provides accounting, tax, and financial management services to SME’s and non-profits to further develop their businesses and take them to […]