Unlike your Christmas shopping, you don’t need to rush your PPP Forgiveness Application. The PPP Forgiveness Application is riddled with uncertainties that most applicants just want to get it over with, despite the fact that they are given the opportunity to fully utilize a deadline. Generally, the borrower is given on or before the maturity …
Providing paid leave to employees for coronavirus-related hardships serves both public health and humanitarian goals. It helps prevent the spread of the virus by keeping coronavirus-affected employees at home. And it provides financial assistance and time off to those employees. These benefits must be weighed against costs to the federal government and to employers. The …
3 New Tax Credits Effective March 14, 2020, through December 31, 2020 $200 PER DAY, PER EMPLOYER FOR MAX 10 DAYS NOT TO EXCEED EMPLOYER’S SOCIAL SECURITY PAYROLL TAX (6.2%) PAID FOR ALL WAGES FOR EMPLOYEES PAID QUALIFIED SICK LEAVE WAGES • Experienced by the employer as an immediate payroll tax credit o The payroll …
As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, enacted on December 20, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The SECURE Act made many changes to how you save …
8 Things That Can Impact Your Retirement in the Secure Act Read More »
Is your last payment of payroll taxes in the hands of the IRS or in the hands of an embezzler? How would you know? There’s one easy way to know: simply use the IRS’s online service to check. But that’s a bit of trouble, so why bother? Because if the money has been stolen, you …
Avoid This Super-Costly Mistake with Your Payroll Taxes Read More »
You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The tax-saving strategy is to combine the tax-avoidance advantage of the principal residence gain exclusion break with the tax-deferral advantage of a Section …
Making Rental Property Work with the Section 199A Deduction Read More »
If you operate your business as a corporation but own the business car personally, you have no vehicle deduction possibility without corporate reimbursement, because the Tax Cuts and Jobs Act does not allow employee business expenses for years 2018 through 2025. Taxpayers Who Did This The Ralph M. Parsons Company reimbursed Milton Lewis $14,007 to …
One Way To Deduct Personal Vehicle Used For Corporate Business Read More »
First things first. Your Section 199A tax deduction will benefit from your business’s W-2 wages paid to you and your employees if you are married and filing jointly and your taxable income is over $315,000 and less than $415,000; are filing as single or head of household and your taxable income is over $157,500 and …
Save Thousands Of Dollars In Taxes By Doing This One Thing! Read More »
A major tax law (Public Law No. 115-97)—originally known as the Tax Cuts and Jobs Act—was enacted in December of 2017. The new law introduced significant changes to many areas of the U.S. tax system, including the taxation of individuals, businesses in all industries, multinational enterprises, and other areas. While most of the new corporate …
he GOP tax plan claims that middle-class families in our nation will get more tax breaks in 2018. However, there are many controversies about the newly passed Tax Cuts and Jobs Act (TCJA). Well, every new change has some good and bad sides. In this article, I will show you the good sides of the …
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