For example, the tax agency says an EIP made to someone who died before receipt of the payment should be returned. Instructions for returning the payment can be found here: https://bit.ly/31ioZ8W To help ease the financial stress due to the COVID-19 pandemic, many taxpayers are receiving money from the federal government. The IRS and the […]
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July 15 tax deadline is here: there may be ways to reduce your bill
As you know, the IRS announced a few months ago that they would extend the April 15 deadline for Americans to file 2019 income tax returns and pay taxes owed for that year. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier in 2020, includes some retroactive tax […]
Is your small business or nonprofit still being effected by COVID-19?
The Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible small businesses and nonprofits still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company hasn’t been able to procure financing through […]
Learn how to take $100,000 in coronavirus-related retirement distributions
The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans tax and penalty free. Individuals who have been effected can take retirement plan distributions under new exceptions. So how do you qualify for a coronavirus related distributions? Early distribution basics In general, if […]
What you need to know when starting a new business
And how to treat start-up expenses on your tax return. If you handle your initial expenses in certain ways you could reduce the amount of taxes you pay. While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being […]
It might be time to look at how competitive your company is in a changing economy.
Most business owners are aware that their strategic plans from the beginning of 2020 look far different now. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. The COVID-19 pandemic has forced business owners to adapt quickly and severely in this ever changing economy. You may have lost an edge […]
If you are selling your home, make sure you know the potential tax implications.
Traditionally, spring and summer are the most popular times to sell your home. If you’re planning to sell your home this year, it’s a good time to review the tax considerations. However, due to the COVID-19 pandemic, sales have slowed down quite a bit this year. The National Association of Realtors (NAR) reports that home […]
Good records are key to a trouble-free audit as well as tax deductions.
If you own a business or have been thinking about a startup, you have probably been told that you need to keep good records of your income and expenses. Be sure to record every possible business expense you can so that you receive all of the tax deductions that you are entitled to. Also, make […]
PPP Borrowers See Relaxed Rules
The Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) in April to help companies impacted by COVID-19. Created under the Coronavirus Aid Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500 employees. Originally, the PPP offered eligible participants loans determined by eight weeks of previously […]
Are Medicare Premiums Deductible?
For Seniors age 65 and older who have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. Medicare premiums can add up fast, so receiving a tax break from these extra payments for additional coverage will be a benefit if you qualify. Tax deductions for Medicare […]