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Even if you always hire a tax preparer to do your taxes for you, you probably know that the most effective way of reducing your tax liability is through deductions and tax credits. Since one of the biggest deductions available is the one taken for home office space, in this strange and disorienting period of …
Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times with …
The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time. Cares Act Recovery Rebate The most talked about provision is the “recovery rebates” …
As the whole world grapples with the personal, professional, and economic fallout of the COVID-19 outbreak, we wanted to help our tax and small business clients stay up to date on the latest news affecting them each day. Keep checking back for the top headlines to stay informed. Here is some of the important news …
The COVID-19 epidemic has created situations where employees are not able to work because they tested positive for the virus or have been quarantined after coming in contact with someone who has tested positive. It has also caused parents to miss work because their children’s school has closed due to the outbreak and there is …
The tax payment due date is now July 15th due to COVID-19, or Coronavirus. In an unprecedented move to dampen the economic hardship of the COVID-19 virus, the IRS has given taxpayers until July 15th to file their 2019 returns and pay their 2019 tax liability – without having to file a request for extension …
The IRS has postponed the due date for filing Federal income tax returns and tax payments due on April 15, 2020 until July 15, 2020. Below are the specifics of those postponements. Filing Due Date Postponement: The due date for filing 2019 federal income tax returns due April 15, 2020 is postponed to July 15, …
Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, …
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which includes a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of U.S. …
