Not Your Ordinary Bean Counters
If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if you operate as a corporation, don’t neglect to hire your children; there are good savings for you there, … Read more
The purpose of this article 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. This article gives you seven powerful business … Read more
Do you need a replacement business car, SUV, van, or pickup truck? 2. Do you need tax deductions this year? If you answered yes to both questions, you need to examine this article and get ready to smile. Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you can write off the cost of a vehicle purchase faster than … Read more
November 2020 2020 Last-Minute Year-End Tax Deductions for Existing Vehicles It’s time to examine your existing business and personal (yes, personal) cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. In this article, we will first look at your prior and existing business vehicles that you or your pass-through business owns. Then, … Read more
Small businesses could have an easier time getting full forgiveness under the proposed legislation. The Republican-driven Health, Economic Assistance, Liability Protection and Schools (HEALS) Act would make some major changes to how forgiveness works under the Paycheck Protection Program (PPP). The proposed legislation would make a wider range of expenses eligible for forgiveness. It would … Read more
IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments. Is this payment considered taxable income?No, the payment is not income, and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s … Read more
Every taxing authority requires taxes to be prepaid. The only exceptions are for amounts due that are below the threshold for making prepayments. You owe less than $1,000. Your withholding and estimated taxes paid were at least 90 percent of the current year tax liability, or 100 percent of the prior year … Read more
Here’s what you need to know. Stimulus Checks Last week, the IRS started sending stimulus checks to tens of millions of Americans. These stimulus checks — also known as Economic Impact Payments — are part of the CARES Act, the $2 trillion stimulus package. If you qualify, you could receive as much as $1,200 and … Read more
Non-Filers: Enter Payment Info Here | Internal Revenue Service If you are not required to file an income tax return for both 2018 and 2019, you must still provide information to the IRS to receive a stimulus check. Click the link above to go to the IRS webpage where you can provide the necessary information … Read more
If you are an IRA owner who has been adversely affected by the COVID-19 pandemic, you are probably eligible to take tax-favored distributions from your IRA(s). For brevity, let’s call these allowable COVID-19 distributions “CVDs.” They can add up to as much as $100,000. Eligible individuals can recontribute (repay) CVD amounts back into an IRA … Read more