Covid-19 Tax Insights
Self Employed COVID 19 Benefits Revisited
As you likely know, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. For example, you generally do not receive benefits that employees get, such as unemployment and paid sick leave. But this time it’s different. Because ... (continued)
Vaccinated-Check Out These Potential Tax Credits For You & Employees!
As the nation suffers from the ravages of the super-contagious COVID-19 Delta variant, the federal government desperately wants all American workers and their families to get vaccinated. If you have employees, you probably feel the same way. Indeed, more and more employers are implementing vaccine ... (continued)
How To Handle CoronaVirus IRA Distribution Taken in 2020- NOW
Did you take a coronavirus distribution (CVD) of up to a combined limit of $100,000 from one or more of your traditional IRAs in 2020? You can recontribute the CVD amount(s) back into one or more traditional IRAs within three years of the withdrawal ... (continued)
COVID 19 Boosts Temporary Tax Dedcutions & Credits
Embedded in the COVID-19 relief law is $900 billion for financial assistance. As you would expect in these unusual times, some of the relief is in the form of direct government financial assistance and some is from tax benefits that can impact both tax year ... (continued)
EIDL Grants Taxable? Expenses Tax Deductible?
Billions of dollars in grants are being doled out to individuals and businesses in the wake of the COVID-19 pandemic. The recently enacted second stimulus bill has increased these grants, including $25 billion in rental assistance for individuals, a new round of Small Business ... (continued)
PPP New Loans-Don’t Miss Out
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read ... (continued)
PPP Tax Rules Past & Present
Good news. The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money. Before we go further, please note the PPP money comes to you in what appears to be a loan. We ... (continued)
8 New Tax Breaks Under New Stimulus Act
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other ... (continued)
New PPP Monies on the Table
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, ... (continued)
8 Tax Breaks under COVID-19
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other ... (continued)
Working From Home Under COVID-19-Read This!!
Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but ... (continued)
COVID 19-IRS New Temporary Relief on Back Taxes Owed
Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020. The IRS is ... (continued)
7 Year End Business Tax Strategies
The purpose of this Blog is to get the IRS to owe you money. Here are seven powerful business tax deduction strategies that you can easily understand and implement before the end of 2020. Prepay Expenses Using the IRS Safe Harbor You just have to ... (continued)
7 Significant Considerations for EIDL Loan
Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic. Unlike Payroll Protection Program (PPP) loans, EIDLs are not forgivable—borrowers have to pay them back. But ... (continued)
Working At Home–Don’t Miss These Deductions
Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business. Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but ... (continued)
Raise Hell- Make the PPP Expenses Deductible
As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money. Let’s ... (continued)
COVID-19 Yes!!—Added Tax Benefits for You and Your Children
The COVID-19 pandemic may create tax benefit opportunities for you and your family members. For example, you could hire your under-age-18 children, pay them, say, $10,000 each, and they could pay zero federal income taxes. And you or your corporation, the employer, would deduct ... (continued)
Here’s How to Take 100K From Retirement Accounts Without Penalties
New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the rules as they existed before this new ... (continued)
COVID-19 Tax Relief for Non-Residents And US Residents Working Abroad
If the federal tax you pay is dependent on where you are physically located, then COVID-19 likely has thrown a wrench in your physical tax location (and tax situation). If you were living abroad and had to return to the U.S. because of COVID-19, ... (continued)
2 New Retirement Strategies Due to COVID-19
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 ... (continued)
9 Insights Into PPP Potential Tax Implications
Uncategorized by MF ... (continued)
COVID-19– 2 New Retirement Strategies To Consider
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 ... (continued)
More Details on the PPP Program
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 ... (continued)
COVID-19 Self-Employed Tax Relief
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. ... (continued)
COVID-19– S Corporation Benefits
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 ... (continued)
Self Employed & Filed 1040 Schedule C-Please Read About These Gov’t Potential Benefits
Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no ... (continued)
Roth IRA Conversion-Now’s a Once-In-A-Life Opportunity
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 ... (continued)
Payroll Tax Relief Under New Tax Laws—-Must Read
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. ... (continued)
New Update COVID-19
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized ... (continued)
COVID-19-New Tax-Free Provisions for Employees
After the terrorist attacks on September 11, 2001, Congress added a little-known tax provision to the tax law This little-known tax code provision exempts certain payments from taxation during a disaster or terrorist attack. President Donald Trump’s national emergency declaration triggered the disaster provisions of ... (continued)
Here are SBA Disaster Relief Loans Available for Your Business
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized ... (continued)
COVID-19-Distributions From IRA’s-Good News!!
In this letter, we explain how you may be able to take money from your IRA and other retirement accounts, avoid early withdrawal penalties, and have generous options on repayment (or not). We also explain when you don’t have to take the required minimum ... (continued)