Were you eligible to receive the first or second stimulus check, but never received it? If yes, trust me when I say you’re not alone. Many Americans are falling into this category. The second stimulus check had until January 15th to get all the funds dispersed. So if you haven’t received your check by then, these are the steps you need to take.
After sitting with clients the last few weeks, I realized I have been discussing the same topic over and over. The reoccurring topic, how to structure your business? After going over the pros and cons of most business structures with clients, we have found most businesses will benefit from an S-Corp the most.
Generally, if you rent out a vacation home to tenants while you’re not using it personally, you can deduct expenses to offset taxable income from the rental. This includes expenses such as mortgage interest, property taxes, repairs, utilities, insurance, etc. In fact, you may even be able to deduct a loss for the year if expenses exceed income.
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike they not only cause wind damage but...Read More →
It’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: 1. Backup Records Electronically Many people receive bank statements by email. This...Read More →
As many of us adjust to the reality of remote work, a new complication has set in: what to do about our state taxes. Many people have a situation where they live in one state and commute to a job...Read More →
If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know: Taxpayers should use Form 1040X,...Read More →
Filing your tax return late (or never) can come with costly consequences. If you didn’t file your 2019 federal tax return or request an extension by July 15, don’t let that stop you from submitting your 1040 and paying your tax as soon as...Read More →
Businesses that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted...Read More →