Have you heard the recent good news? The IRS extended the opportunity to defer capital gains. Individuals can now defer both short- and long-term capital gains into Qualified Opportunity Zone Funds (QOFs). This is a part of the tax reform put into place a couple of years ago. The best thing about this is that …
Don’t Forget the Deadlines! September 2020 Individual Due Dates
September 1 – 2020 Fall and 2021 Individual Due Dates Tax Planning – Contact this office to schedule an appointment. September 10 – Report Tips to Employer If you are an employee working for tips, and you received more than $20 in tips during August, you must report those tips. Specifically, you are required to …
Don’t Forget the Deadlines! September 2020 Individual Due DatesRead More
Wealthy Taxpayers May Want to Strategize for Potential Tax Increases
The outcome of the November elections could have a significant impact on taxes for the wealthy. Therefore, if you find yourself in this demographic, you may want to strategize for potential tax increases. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared. Although …
Wealthy Taxpayers May Want to Strategize for Potential Tax IncreasesRead More
You May Need A Protective Claim Before July 15
If you have paid the extra Medicare tax on wages/self-employment income, you may be able to claim a refund of those taxes. It all depends on when you filed that extra tax. In other words, you may need to file a protective claim before July 15, 2020 to ensure your right to that possible refund. …
Is the Government Keeping Your Refund?
We all look forward to receiving our tax refunds. But what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. If the government is keeping your refund, take steps to learn why that is, and how to resolve it. …
Loan Application Period for The Paycheck Protection Program has been Extended
If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan – you now have another chance! The Paycheck Protection Program has been extended, allowing you more time to file. Congress overwhelmingly voted to extend the application period for a PPP loan through August 8, 2020. This gives folks an additional 5½ …
Loan Application Period for The Paycheck Protection Program has been ExtendedRead More
Tips to Keep Your Business Afloat During Covid-19
COVID-19 has had an unprecedented economic impact – especially on small business owners. Watch this video to find out steps to help keep your business afloat during COVID-19. Learn what is needed to take a pragmatic view of what has happened and what steps you may be willing and able to take to bounce back. …
IRS Provides Additional 2020 RMD Rollover Relief
The CARES Act waived required minimum distributions (RMDs) from IRAs and employer plans such as 401(k)s for 2020. However, the CARES Act was not passed until March 27, 2020. And many individuals had already taken their RMD for 2020. Some of these retirees would not have taken the distributions if they would have known about …
Watch Out: The Treasury Is Sending Some Stimulus Payments by Debit Card
The government has begun sending out some of the stimulus payments by debit card. These cards are mailed in plain white envelopes, which some people have thrown away, thinking it was junk mail. Watch the video to learn more.
Watch Out: The Treasury Is Sending Some Stimulus Payments by Debit CardRead More
