Tax
How to Deduct your Home Office on Your Taxes
Have you ever looked at your tax return and wondered how you could get more deductions? I think we all have! I was working with a client who had started a small business working out of her home. She kept good records of all her business expenditures and related receipts, which made it easy to deliver to me prior to the deadline. When I compiled her tax returns, everything had been accounted for – except one thing: her home office!
The Internal Revenue Code provides for additional deductions, even when a taxpayer did not directly pay for something as a business expense – but you have to know what they are (obviously). One tool to have in your toolkit is the home office deduction.
Cares Act Education Benefits
If an educational fringe benefit would help you attract or retain employees, then you will be interested in a little-known section of the CARES Act. It allows an employer to pay and deduct up to $5,250 of an employee’s higher education student loan debt – both principal and interest, if paid by December 31, 2020. The benefit is not taxable to the employee.
Read MoreTop 10 PPP Loan Forgiveness questions, ANSWERED!
The SBA’s PPP was created to save America’s core economic engine and largest employer, small business. PPP loans are providing immediate cash to incentivize small businesses to keep and rehire their employees. If small business qualification criteria are met, the PPP loan amount is based upon 2.5 months of payroll. Loans are able to be 100% forgiven if the borrower follows SBA guidelines. Initial guidelines stated loans received needed to be spent on payroll and other qualifying expenses during the 24 week period after the loan was received. Payment on any remaining balance post loan forgiveness begins from the date the lender receives forgiveness funds from the government. Ask your lender for details The Interest rate on unforgiven amounts is a whopping low 1% with five-year payment terms, and no collateral or personal guarantees are required.
Read MoreThe Cares Act Cash Windfall you Missed!
Did you know the US government will pay the first 6-months of payments on commercial loans from 300k to five million dollars, should it meets specific guidelines and closes before Sept 27th, 2020. The best part – you don’t have to pay them back! The opportunity is separate from the Paycheck Protection Program loan or…
Read More4 Reasons Why you should Open your Mail from the IRS Immediately
[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text] Have you ever received a letter from the Internal Revenue Service? Are you afraid of what you might find inside? It is easy to want to avoid bad news. Do not…
Read MoreThree Options to Stimulus Loan Forgiveness
We are entering the second month of the shutdown. Many of our clients have received their PPP loan funds, no doubt, with a sigh of relief. With money in hand, attention is turning to forgiveness. The percentage of funds used for payroll costs is key to ensuring forgiveness takes place.
Read MoreUPDATED: 3 Keys to Understanding, SBA, EIDL, and PPP Stimulus
For-Profit Businesses with under 500 team members CARES Act reduces concern about having to furlough employees.SBA advance loan application is simplified, with no forms to submit.Payroll Protection Program loan application process launching this week Key 1 – SBA Economic Injury Disaster Loan (EIDL Advance Loan/Grant) Should I Apply for the SBA up to $10,000 Loan…
Read MoreWhat should you consider before writing off a vehicle?
Dentist’s ask me every year if they can write-off their car or truck. The answer is yes…maybe…with some limitations. Most questions I receive about taxes, have the answer, it depends. There are nine things to consider before you write-off the cost of a business vehicle.
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