Closing a business is never an easy decision to make. Nonetheless, it’s sometimes necessary and not all that uncommon. If you find yourself in this situation, there are number of steps you should take to shut down your business in an orderly manner and ensure that the IRS knows that Read more…
With unemployment at historicly high levels, a lot of people find themselves changing jobs. If you are one of them, be sure to think about any 401(k) that you might be leaving behind at your old employer. The money in your 401(k) is your money, not your employer, and you Read more…
Amid this global pandemic, a lot of people find themselves working from home, rather than traveling to an office. Because of this, there is more interest than usual in the home office deduction. Here’s what you need to know. The home office deduction is available to qualifying self-employed taxpayers, independent Read more…
A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s tax holiday, however, is not necessarily a forgiveness of Social Security and Medicare taxes, Read more…
If you own shares of stock that have increased in value, one way to avoid a taxable gain is to gift them to another. Although it’s simple in concept, gifting stock does have some tax consequences to consider. Value of the gift When you gift stock there are not one, Read more…
Are you still waiting for your Economic Impact Payment? Did you get your payment but it was for the wrong amount? The IRS initially said you needed to wait until filing your 2020 tax return to resolve these sorts of issues, but they recently revised that stance and have established Read more…
What is normally a reliable estimate of your taxes – the amount of money withheld from your paychecks by your employer – may be an unreliable estimate this year thanks to the current pandemic. Even worse, using the safety net of paying in what you did last year may not Read more…
More than 70% of small businesses in America now have loan proceeds from the Paycheck Protection Program (PPP) to help retain employees during the current pandemic. The entire amount of a PPP loan is eligible to be forgiven if the funds are used for qualified expenses. Recent legislation liberalizes the Read more…
Tax rules change every year, but 2020 has seen more changes than most. There have been a lot of new laws and programs aimed at pandemic relief that you may have heard of, but there have also been some less well publicized tax law changes that you might be able Read more…
Small business owners, self-employed workers, and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December Read more…