Our Financial Blog
Social Security Tax Deferral – Benefit or Nightmare?
This deferral, which was intended to put more money in people’s pockets, is troublesome for all. For example, an employee making $800 per week, would see an extra $49.60 in their weekly paycheck until December 31, 2020. Let’s assume their take home net pay...
Wondering What Happened To Your Correspondence To the IRS?
If you’re wondering what happen to your completed tax return you mailed in months ago or the tax payment you made a few weeks ago hasn’t been cashed yet, do not fret. As of October 2, the IRS is experiencing an unopened mail backlog of around 5 million pieces of...
Attention PPP Loans Recipients Less than $50,000:
The US Small Business Administration & US Treasury Department released guidance this week clarifying that recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application form. ...
PPP Loan Payment Start Date Change
The US Small Business Administration released additional guidance on September 30, 2020 clarifying the deferral period for payments on all Payroll Protection Program (PPP) loans. The original promissory note indicated a six-month deferral for payments on the...
Should Your Employees Take Advantage of the Payroll Tax Holiday?
President Trump recently signed an Executive Order calling for a payroll tax holiday on the employees portion of the payroll tax starting on September 1. While this 4-month reprieve might sound enticing to your employees, we discourage all our business clients from...
Health, Economic Assistance, Liability Protection and Schools Act (HEALS) – What could it mean for businesses?
This week, Senate Republicans have proposed the Health, Economic Assistance, Liability Protection and Schools Act (HEALS) in response to the federal governments handling of the COVID-19 crisis. The nearly one-trillion bill will be comprised of a number of components...
Elections. Elections. Elections.
Tax Savings can be found in the elections you make! Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. 1. Tax...
GREAT NEW OPTION TO REDUCE STUDENT LOAN DEBT
Newly passed tax laws could benefit many! Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K...
2020 Mileage Rates
Mileage rates for travel are now set for 2020. The standard business mileage rate decreases by 0.5 cents to 57.5 cents per mile. The medical and moving mileage rates also decreases by 3 cents to 17 cents per mile. Charitable mileage rates remain unchanged at 14 cents...
Last Minute Tax Law Changes everyone needs to know about!
Late in 2019, a new 1,770 page bill was signed into law. Deep within the pages of the bill are a number of retroactive tax law changes to current and expired tax laws. These new law extenders are in place for both 2019 and 2020. Here is what you need to know: 2019 Tax...
Are you Missing a Tax Form? Not an excuse!
If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. You are required to report your income whether your employer or customer filed the correct form or not. So what can you...
RECEIVE COPIES OF FRAUDULENT TAX RETURN?
WHAT DID THIEVES TRY TO STEAL? Tax identification theft is becoming all too common. Victims know how frustrating the experience can be. Thankfully, the IRS is willing to help. The frustration If you are a victim of IRS identity theft, your first instinct is to find...
LAST MINUTE TAX-SAVINGS IDEAS
Actions you can take before time runs out! Here are five tax saving ideas that can be used by most taxpayers. But act soon, there's not much time left until our tax year comes to an end. 1. Make late-year charitable donations. Consider making donations with...
IRS Expands ID Protection Program
The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for taxpayers. The program can be used by residents of the District of Columbia, Florida, Georgia, California, Delaware,...
Tax Breaks for Adult Students
These Benefits are not just for kids! Kids aren’t the only ones heading back to school this fall. Many adults are also taking courses to pursue a new career or improve their current job skills. Fortunately, there are several tax breaks for adult students. Here are...
How To Maximize Deductions for Assisted Living
It's possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by typical...
A Smarter College Housing Option
Does your child, grandchild, or someone else you know need a place to live while attending college? Instead of renting a dorm or apartment, buying a condo or small house might make more sense. This can save money and provide tax breaks, but you need to do the math and...
Avoid the Pitfalls of Selling Property to Family
Suppose you own property you intend to transfer to your loved ones. Perhaps you are considering giving your children an ownership interest in your principal residence. Before you act, you should review the tax consequences of your decision. Specifically, tax law...
IRS ALERT: Two New Tax Scams!
The IRS remains on the lookout for tax scams that can blindside unsuspecting taxpayers. Now two variations of past scams are currently making the rounds. Here’s what you need to know: The New Scams The SSN hustle. This scam resembles another where...
Don’t Fall for These 5 Audit Myths
When it comes to the perception of the IRS audits, conjecture reigns supreme. The combination of the complex tax code and a government agency with the full authority to enforce it leads to some pretty wild ideas. Separating truth from fiction is an...