Does your business need working capital due to the terrible impact of the COVID-19 pandemic? If yes, consider taking out a Small Business Administration (SBA) EIDL loan. EIDL stands for the Economic Injury Disaster Loan program and it can provide up to $150,000 to businesses in need. But be aware. Although the EIDL can provide you with much needed capital, it’s a … [Read more...]
Does Renting My Home for Two Months Kill the $500,000 Exclusion?
Sometimes tax rules are easy to follow. Other times, several rules interact with each other and have to be coordinated carefully to deliver the maximum tax benefit. In this issue of the Tax Reduction Letter, we’ll deal with just such an integration challenge that was ultimately successful. Read the full article for full details. Here’s an example of important … [Read more...]
Six Insights into the PPP for Partnerships
Do you think the COVID-19 Payroll Protection Plan (PPP) is not a benefit for partners? Well, I’m happy to tell you that the PPP “free cash” program works for partnerships too! How can your partnership take advantage of the PPP automatic cash program? You’ll find outwhen you read my new article titledSix Insights into the PPP for Partnerships. Insight #1: It’s … [Read more...]
Husband-Wife Partnerships: Three Tax-Saving Strategies—Part 2
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ In Part #1 of our article titled Husband-Wife Partnerships-The Tax Angles, we … [Read more...]
No FICA On Health Insurance for the More-Than-2% Shareholder-Employee
No FICA On Health Insurance for the More-Than-2% Shareholder-Employee Are you running an S corporation? Then you need to know the answer to this important question… How should your S corporation treat the more-than-2% shareholder-employee for Social Security, Medicare, and federal unemployment taxes? You’ll learn how we answer this question and many others when you read … [Read more...]