Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for small businesses to consider. 1.…
The IRS announced that they are sending 500 series of balance-due notices to taxpayers after they were paused in May because of the pandemic. Because of a backlog of notices, due to the IRS furloughing employees, the IRS temporarily suspended…
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed…
'Tis almost the season for charitable giving. Besides helping a worthy cause, your donations may qualify for a festive write-off on your 2020 tax return if you qualify. Here are five ways to boost your deduction for charitable contributions if you…
Businesses that received a Paycheck Protection Program (PPP) loan of $50,000 or less can now take advantage of a simpler loan forgiveness application according to the U.S. Small Business Administration and the Treasury Department. PPP lenders are also provided additional…
October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return,…
The IRS has issued new proposed regulations that define what constitutes real property to determine eligibility for tax-deferred Section 1031 "like-kind" exchanges. Importantly, the proposed regs allow personal property that's deemed to be incidental to real property to be included in…
What is a Marketplace Facilitator? If you sell products online using marketplaces like Etsy, Amazon or any delivery services such as Door Dash or UberEats, you should be aware of the complexities this causes when it comes to collecting and…
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called "extender" provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain. In…
Most business travel was temporarily suspended during the spring and summer months. Now some people have started traveling for business purposes again, albeit less than before the COVID-19 pandemic began. With travel cutbacks, now may be a good time to review…