Gifts and Taxes: The Sooner the Better
While festivities may be somewhat dampened this year due to the coronavirus, the holiday season seems to foster a spirit of giving. This year might be a good time to indulge the spirit if you have the means to do so.
S-Corp Analysis
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.
Vacation Home Rules for Losses
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.
Tax Tips for Those Affected By Hurricanes
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 →
Protect Tax Records Before Disaster Strikes
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 →
Can Remote Work Change Your State Income Tax?
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 →
Filing an Amended Tax Return
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 →
Miss the Tax Deadline? What to Do If You Forgot to File Your Taxes
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 →
SBA provides safe harbor for PPP loans under $2 million
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 →
Remote Access Solutions: Work From Home
With the need to work from home we are pushing to help keep productivity up, we will continue the day-to-day operations that are necessary and we are working to help companies do the same to remain profitable and thriving! Regardless...Read More →