Category: Taxes

Will the ARP Help Your Bottom Line?

Here’s the bottom line. The American Rescue Plan (ARP) offers provisions that can help taxpayers significantly as we continue to recover from the pandemic. Signed into effect by President Biden on March 11, the American Rescue Plan (ARP) includes critical tax provisions that include: RECOVERY REBATES The federal government will provide a stimulus payment of… Read More

The Employee Retention Credit Goes “Retro”!

Remember “way back when” the original COVID-19 relief law stipulated that you had to choose between the retention credit and the PPP loan? Millions chose the PPP route. Moving forward, things have changed for the better. As a PPP recipient, you may qualify to take the employee retention credit retroactively for the tax year 2020… Read More

The IRS is Crystal Clear with New Crypto Rulings

Virtual currency transactions are taxable by law, just like transactions of any other property. The IRS recently issued new cryptocurrency guidance and will be hot on your trail if you bought and sold cryptocurrency without reporting it. Here are the tax basics. Cryptocurrency will be treated as property for tax purposes if you: Receive bitcoin… Read More

What If You Didn’t Issue Form 1099s to Your Contractors?

The Good News No provision in the tax law denies you a deduction for labor expenses simply because you didn’t file the required Form 1099s. The Bad News The IRS states that the non-filing of required Form 1099s can cast doubt on the legitimacy of the deduction claimed. Failure to file can also come with… Read More

Be Sharp and Get Prepared for Tax Season!

“Give me six hours to chop down a tree, and I will spend the first four sharpening the axe.” ― Abraham Lincoln, former U.S. President Start sharpening your axe now so that you are ready to file your 2020 taxes. Although tax season usually begins in late January, the IRS will begin accepting submissions on… Read More

Don’t Quarantine Yourself from the New PPP Loan

Perhaps you were reluctant to sign up for last spring’s PPP loan offering because the word “loan” came into play. Loans can be scary, especially when income may be questionable, as was the case in 2020. However, the big picture is that with a PPP loan, you will obtain tax-free money that, as a business… Read More

New Stimulus Plan Gives 1040 Tax Payers a Shot in the Arm

Upon Congress’s recent approval of a new stimulus bill, most of the attention has been centered on additional stimulus checks and new PPP loans to assist businesses. However, the typical American 1040 taxpayer who does not own a business will also receive some additional consideration. If you are able to put a few of these… Read More

More Tax Aid Was Signed Into Law on December 27

THE 2020 TAX SEASON IS A WILD RIDE! Continued considerations have been put into place to help Americans ease the pain of their 2020 tax burden. The Consolidated Appropriation Act of 2021 was signed into law by the President on December 27. It contains more COVID-19 relief provisions as well as tax provisions that you… Read More

Be Prepared for Another Round of Help!

As Congress continues to debate the framework of a $908 billion COVID economic relief plan, we are all hoping that additional aid may be on the way for small businesses. The Senate’s “Gang of 8” Proposal designates $300 billion to support small businesses with another round of PPP (Paycheck Protection Program) funding and Economic Injury… Read More

Portfolio Gold Mine and Your 2020 Income Taxes

Did you know your stock market portfolio can be a “little goldmine of opportunities?” It can through the tax code’s offset game, including these basic rules: Avoid high taxes (up to 40.8%) on short-term capital gains and ordinary income, or Lower taxes to zero, or at least to 23.8% or less, by making profits subject… Read More