How Do PPP Loans Impact Business Taxes?
The Paycheck Protection Program (PPP) was first introduced under the CARES Act, and the latest relief bill clarified specific tax implications.
Read MoreWhat Tax Provisions Expired in 2020?
Many tax provisions introduced in the CARES Act were set to expire at the end of 2020. Which lapsed and which were extended?
Read MoreWhat the Special $300 Charitable Deduction Means for 2020 Taxes
The CARES Act includes a special provision that allows taxpayers to deduct up to $300 in charitable contributions. Learn more about who and what qualifies.
Read MoreDrive Down Your Taxes with These Vehicle Deductions
Car and truck expenses can be confusing on your tax return. What are considered eligible expenses? And what are the current limits and mileage rates? Key takeaways: An individual who owns a business or is self-employed can deduct vehicle expenses Automobile costs based on mileage or actual expenses are eligible Mileage rates have changed between…
Read MoreCOVID-19 and the Home Office Deduction
Roughly a third of Americans are still working from home because of the pandemic, and many mistakenly believe they qualify for the home office deduction. Here’s everything you need to know if you work remotely. Since the beginning of the COVID-19 pandemic, around a third of Americans have transitioned to working from home. This means…
Read MoreBeware the “Dirty Dozen:” Common Tax Scams to Avoid
In 2020, the IRS released a “Dirty Dozen” of prevalent tax scams. Here’s what to watch out for! The IRS regularly compiles a list of the “Dirty Dozen,” or the 12 most common scams that target taxpayers. This list is always changing and evolving, and some risks have been heightened because of the COVID-19 pandemic.…
Read MoreIs There a “Right” Tax-Advantaged Retirement Plan?
There’s no one perfect way to approach retirement that is the best for everyone. Choosing the right plan for you starts with understanding your options and the tax implications of each one. There are several different approaches you can take to your retirement savings strategy. Each avenue has its own set of tax implications and…
Read MoreHow to Make the Most of Medical Benefits on Taxes
It’s always wise to optimize the tax efficiency of medical benefits. But it’s even more crucial during a pandemic. Here’s how to keep your returns as healthy as possible. The year 2020 may mean that more people have high medical expenses, with millions of Americans having tested positive for the coronavirus. On top of those…
Read MoreSwitch Your Structure, Transform Your Taxes
Are you forming a business? Thinking of switching your structure? There are pros and cons to each option, so understand which will help you meet your goals and pay less tax. The structure of a business can make a big difference come tax time. How can you best shape your enterprise for optimum tax efficiency?…
Read MoreHow to Avoid (or Survive) an Audit from the IRS
A tax audit can be the worst nightmare for many business owners. But there are proactive ways to prevent an audit and get through it if it does happen. A tax audit may sound daunting and expensive. Many business owners fear the IRS and potential penalties and fees incurred if they do something wrong. The…
Read More