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If you missed the tax deadline – know that you’re not alone. We’ve all been there. Life is super busy. We have to take care of our families and friends, work obligations, and all our other everyday responsibilities. With all of the hustle and bustle, that October 15th tax extension deadline passed. And darn it, …
Year-end tax planning opportunities could be exactly what could help perk up a challenging year. Mentioning that COVID-19 has made 2020 a disastrous year for just about everyone is an understatement. But these tax planning options may give you some relief ahead. In response to the economic slowdown and losses of income, Congress passed several …
If you’re looking for the most helpful financial metrics small business owners should track – look no further. Operating a small business is an exhilarating and, sometimes overwhelming endeavor. There are so many details to keep track of that it’s easy to forget about the basics of your small business’s finances. Especially if you don’t …
Are you keeping track of your investment basis? If you’re not, here’s a few reasons why you may reconsider tracking your basis. In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may own real property or have a variety of securities. These securities could include stocks, bonds, …
If you are unable to keep up with your home mortgage payments, you are not alone! Many others are receiving temporary home mortgage relief under the CARES Act. Even if you are in danger of having your home repossessed, consider the ramifications of financial relief. Any debt relief can have an impact on your taxes. …
Sadly, the solar tax credit is sunsetting soon. This federal tax credit was for the purchase and installation costs of a residential solar system. It started as 30% of the cost for several years through 2019. Then the credit dropped to 26% of the cost in 2020. The tax credit will be over in 2021, …
Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse. And you definitely don’t want your chosen beneficiary to be someone who is deceased. Plus, the decision about whom you wish to designate as the beneficiary of your traditional IRA affects other items including: The minimum …
The tax consequences of losing your job can be overwhelming at an already stressful time. However, knowing what those tax issues are, regardless of how many issues are involved, is key. How you react can profoundly impact your taxes and finances. The following are typical issues related to taxes and loss of employment: Tax Consequences …
If you need help planning your business tax filing deadlines for October 2020, this article is for you. We explain the most important deadlines for this month so you can stay on top of the due dates that matter. October 15 – Corporations File a 2019 calendar year income tax return (Form 1120 or 1120-A) …
