When starting a new business, tax issues – along with everything else – can feel overwhelming and unsurmountable. But in spite of COVID-19 restrictions, many entrepreneurs are still considering new or additional business opportunities. If you are planning a new business start-up and are incurring expenses, here are some specific tax issues to be aware …
Obscure and overlooked tax deductions, credits, and benefits
As tax time approaches, we’ve listed out some frequently overlooked tax deductions, credits and benefits that cover a range of taxpayers. Of course, not everything can be included. Since the tax law has grown significantly in complexity over the years – it would take a huge book to list everything! But here are over 20 …
Obscure and overlooked tax deductions, credits, and benefitsRead More
Tax time is around the corner! Are you ready for 2020 taxes?
It’s time to get ready for 2020 taxes now that tax season is just around the corner. If you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax appointment—whether in person, by video or telephone. The difficulty of this task depends upon how well you …
Tax time is around the corner! Are you ready for 2020 taxes?Read More
IRS Offers New Identity Protection for Taxpayers
Have you heard about the new identity protection for taxpayers that the IRS is now offering? In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns. That is, if it requested by the victimized individual. The numbers are referred to as identity protection (IP) PINs. What …
BEWARE: These Tax Return Red Flags Could Catch the Eye of the IRS
No one wants to create tax return red flags that would make the IRS scrutinize their small business or personal income tax return. However tax time can be one of the most stressful times of the year due to that fear. Just preparing the forms is hard enough. But actually owing the government money can …
BEWARE: These Tax Return Red Flags Could Catch the Eye of the IRSRead More
4 Important Questions Entrepreneurs Should Consider During the 2020 Tax Season
As if filing taxes wasn’t challenging enough, this 2020 tax season is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free lunch” is proving true once again. Now that …
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How Biden’s American Rescue Plan Might Impact Your Taxes
President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis. While some of the proposals are intended to be in effect for just one year, they could be extended or made permanent later on. …
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Congress Authorized a Second Round of PPP Loans
Congress approved a second round of PPP loans in 2021 called the Consolidated Appropriations Act. Included in its almost 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees. It also had allowances for loans to certain businesses with multiple …
Charitable Contributions Deduction Liberalized For 2021
We now have a charitable contributions deduction in 2021! As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020. One that allows taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300. And another for those itemizing their deductions to increase …
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