A joint venture is when multiple business entities start a new business together as a cooperative arrangement. When creating a joint venture, each of the involved entities agrees to what assets they will contribute, how they are going to distribute income and share expenses, and how the new entity will move forward. Owners need to …
Tax Blog
Itemizing NOT Necessary. Claim These Tax Deductions Without Itemizing
Claiming tax deductions without itemizing on your tax return? It’s now a reality. Most taxpayers think they have to itemize their deductions to claim them on their tax return. However, that is not entirely true. You can claim certain deductions while still using the standard deduction. Here is a list of tax deductions you can …
Itemizing NOT Necessary. Claim These Tax Deductions Without ItemizingRead More
Solar Tax Credit Extended for Two Years
The solar tax credit extension is great news for homeowners looking to use green power. Now, the federal tax credit for the purchase and installation costs of a residential solar system has been extended through 2023. The credit for 2021 and 2022 is 26% of the cost of the solar installation. This credit drops to …
Business Relief: The Employee Retention Credit Extended
Employers are seeing some much needed relief now that the the Employee Retention Credit has been extended. The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020 to help businesses. The credit helps employers retain their workers by keeping them employed during the COVID-19 crisis. As part of the …
Business Relief: The Employee Retention Credit ExtendedRead More
Interaction Between PPP Loans and the Employee Retention Credit
What is the interaction between PPP loans and the employee retention credit? Let us share what we know. The Consolidated Appropriations Act of 2021 (also known as the CCA) was passed by Congress late last December. Within this bill included a very tax-beneficial provision. This provision liberalized the interaction between PPP loans and the Employee …
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Day Trader: The Rules and Tax Treatment
Being a Day Trader is neither illegal nor unethical, but it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money. Nor can many investors sustain the losses that day trading can bring. Day trading in securities is governed by the Securities and Exchange Commission (SEC) Regulation …
Video: Biden’s COVID Relief & Tax Plan
This video is an abbreviated summary of President Biden’s COVID Relief & Tax Plan. Of course, these won’t become law until the plan has been passed by Congress. Once passed, the purpose of the plan is to assist people to fight financial hardships from the pandemic. The plan contains various ways to help, including stimulus …
Tax Relief for Victims of 2020 Natural Disasters
Tax relief for victims of natural disasters? Yes! Most of us will always remember the year 2020 as the year of the mask. But on top of the worldwide pandemic, street protests, and hotly contested election races, the U.S. had numerous natural disasters in 2020; hurricanes, an unprecedented number of wildfires, flooding and severe windstorms …
Video: COVID Tax Relief Act updates
December’s COVID Tax Relief Act provided more than extended unemployment relief and stimulus payments. Watch a summary of the benefits in the video, and if any of them applies to you. Please contact us if you have questions about the COVID Tax Relief Act and how it could affect you. We offer a free tax …
