Blog

Due to the COVID-19 pandemic, Congress made changes to the tax law related to retirement account distributions. The changes open up new, time-limited ways for you to save tax dollars.   Congress waived all 2020 RMDs. But if you took your RMD before Congress made this change,...

When you are self-employed with no employees, the payroll protection program (PPP) program is a COVID-19 gift designed to help you get through this pandemic.   If you now have your PPP funds, we identified nine insights for you.   Do I Have to Spend the Paycheck...

  If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax burdens.   Here’s some possible good news: Congress decided to give you significant relief from these taxes due to the COVID-19 pandemic. We’ll tell...

Congress made an error in the Tax Cuts and Jobs Act (TCJA) that limited your ability to fully expense your qualified improvement property (QIP).   The CARES Act fixed the issue retroactively to tax year 2018.   If you have such property in your prior filed 2018 or 2019...

  For many years, thanks to the net operating loss (NOL) provisions, the tax code gave you quick cash in your pocket if you had an overall net loss in a tax year.   Unfortunately, starting in 2018, the Tax Cuts and Jobs Act (TCJA) took away your...

To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic.   Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction.   Perhaps you, too,...

For years, financial and tax advisors have lectured about the wonderfulness of Roth IRAs and why you should convert traditional IRAs into Roth accounts.   But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing.   For many, the financial fallout from...

If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax burdens.   Here’s some possible good news: Congress decided to give you significant relief from these taxes due to the COVID-19 pandemic. We’ll tell...