Category: Taxes

Employees Working and Living in Separate States?

Now is the time to prepare for how COVID-19 could impact your state tax payments come tax-return time. The tax nexus is based on where employees physically perform services (though other factors may apply). Some smaller companies may not want to — or simply cannot afford to — pay for a full nexus study to… Read More

Navigate to a Safe Harbor with Your PPP Loan

Congratulations! You’ve been approved for your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan. This can be a big benefit for your business as you consider next steps. Be aware, the amount you received will be reduced by any Economic Injury Disaster Loan (EIDL) grants you also received. While most business owners are looking… Read More

6 Unprecedented Tax Breaks Lesson Your Burden

It Was the Best of Times. It Was the Worst of Times. Well, maybe not the “best of times.” But COVID-19 has created some tax benefits that we may not see again for a while. Typically, we do not consider current-year tax strategies during the month of June. But, what is typical these days? Government legislation has… Read More

Here Goes Round Two of the SBA’s PPP Loans

Round One Was a Knockout. Here Goes Round Two of the SBA’s PPP Loans. If you are self-employed with no employees, don’t throw in the towel on government loans. You need to enter the ring NOW to apply for this loan and its forgiveness (think free money). Here’s what you need to know: If you… Read More

Tax Updates for Individuals and Business Owners

There have been many tax updates over the past week for individuals, as well as business owners. I’m covering much of that on this page, with links to relevant resources. Reach out to me if you have questions about this information. View the COVID-19 Guide that provides a snapshot of scenarios and benefits available to employees, individuals,… Read More

IRS Claims People First

The Internal Revenue Service’s (IRS) new initiative, “People First,” includes new measures in dealing with the fallout of the coronavirus public health emergency. Here are the latest updates on how the IRS is giving taxpayers some breathing room. Installment Agreements: Payments due on existing installment agreements are suspended from April 1 to July 15, 2020. But,… Read More

Taxes Must be Filed. But…

Time is of the essence when dealing with the fallout of COVID-19. The United States government is seeking ways to relieve some of the pressure on families and businesses that are profoundly affected by the pandemic. In an unprecedented action at the national level, Treasury Secretary Steven Mnuchin stated that taxpayers owing up to $1M… Read More

Tax-Planning Checklist

It’s never too early to start organizing information for your tax return. However, now is a great time to really focus on this effort. One thing I recommend is to attach this checklist to a paper folder or post it in a computer folder where you collect electronic files. That way you have easy access… Read More

The Game-Changer Tax Codes of 2020

A little change can go a long way. Get familiar with ten key tax changes in 2020. While there’s no massive overhaul in the tax code, there may be few game-changing moves that can save you money. Certain expired tax breaks were revived in December. If they apply to you, they could be a game-winning… Read More

Do Your Kids Have Unearned Income?

You’ll Get a Little Less of a Soaking in 2020! Changes to the tax code mean that your little squirts no longer “take a bath” at tax time! “Kiddie tax” has long been in place to restrict parents from re-arranging their income to take advantage of the lower tax rates of their children. Prior to… Read More