Our Financial Blog

How To Pay Off Your SBA EIDL Loan

Last year when the pandemic started, Congress created two loan programs to help small businesses and the self-employed mitigate the economic impact; The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). With the uncertainty surrounding...

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Big Increase in Child Tax Credit For 2021

A big increase in child tax credit for 2021 is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package, which was passed by Congress on March 10, 2021 and is known as the American Rescue Plan...

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You Can Expense Business IT Purchases

Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets purchased and placed in service...

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Are Your Unemployment Benefits Taxable?

With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the normal state weekly unemployment benefits by adding $600 per week through the end of July 2020. When this provision ran out, and with Congress at a...

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Tax Day for Individuals extended to May 17

The Treasury Department and the Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will automatically be extended from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone...

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Understanding Tax-Filing Status

Filing status is determined on the last day of the year and most often is based on marital status. The two most prevalent are as follows: Single – Unmarried individuals without dependents.Married Taxpayers Filing Jointly (MFJ) – The couple combines their incomes,...

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Employee Retention Credit Extended

In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations...

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