From what we know, when lawmakers originally passed the Paycheck Protection Program (PPP), they thought that under its provisions, you did not pay taxes on the forgiveness amount, and you also could deduct the expenses that you paid with the PPP money. Fly in the Ointment In late April, the IRS issued Notice 2020-32, which […]
New IRS Efforts To Destroy Tax Deductions For PPP Paid Expenses Read More »
As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often confusing) ride so far. With the new rules for PPP loans of $50,000 or less, you escape from the most difficult part of the loan forgiveness if you had to consider employees. And
GOOD NEWS IF YOUR PPP LOAN IS FOR $50,000 OR LESS Read More »
Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic. Unlike Payroll Protection Program (PPP) loans, EIDLs are not forgivable—borrowers have to pay them back. But they have a low 3.75 percent interest rate and a long
7 THINGS TO KNOW ABOUT YOUR SBA ECONOMIC INJURY DISASTER LOAN (EIDL) Read More »
Congress just passed the CARES Act in response to the COVID-19 pandemic. In it, there are a lot of juicy tax benefits for you and your business. Here is one that seems to be creating a lot of confusion. The Stimulus Check – The Check Will Be in the Mail As you read this, the
The Stimulus Check – The Check Will Be in the Mail Read More »
Protect Yourself from Social Security Scams Scammers are pretending to be government employees. Scammers will try to scare you and trick you into giving them your personal information and money. They may threaten you or your family and may demand immediate payment to avoid arrest or other legal action. DON’T BE FOOLED! IF YOU RECEIVE
The purpose of this post is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are five powerful business tax deduction
Dear Client: You must consider the vacation home rules when you • rent a bedroom in your home and also use it personally, or • rent your beach home (or any other home you own) and also use it personally. Personal Use of the Dwelling Rent or use by relatives. Personal use includes more than
When moving your retirement money to an IRA, you should follow this one rule of thumb. If you fail to follow the rule I’m about to reveal, you can face two big problems. • First, your check will be shorted by 20 percent. • Second, you will be on the search for replacement money. Here
Tax Traps to Avoid in Retirement By Charles Sherry, M.Sc. “Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.” It’s a quote that comes down to us from Benjamin Franklin, who uttered the phrase in 1789.
The new tax law could affect how much tax someone should have their employer withhold from their paycheck. To help with this, the IRS urged taxpayers to visit the Withholding Calculator on IRS.gov. The Withholding Calculator can help prevent employees from having too little or too much tax withheld from their paycheck. Having too little