It’s a sad fact. Because of the COVID-19 pandemic, many tenants simply can’t pay their rent. That’s why the government declared an unprecedented, nationwide moratorium on evictions for non-payment of rent. But tenants aren’t the only ones to suffer… Landlords have financial responsibilities too! If they can’t collect the rent that’s owed them, they are also up … [Read more...]
The Latest Payroll Tax Deferral: An Offer You Should Refuse?
“Never put off until tomorrow what you can do today” Well, now there is something you can put off until tomorrow. I’m talking about… from September 1, 2020 through December 31, 2020, not withholding the employee share of Social Security taxes from the employees and, of course, not paying those monies to the government. This new deferral option was made possible by an … [Read more...]
Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary
If you set up your S corporation to save money on taxes (and I’ll bet you did), this article is for you. You see, it will explain an extremely important decision you have to make. A decision that can have a huge impact on how much taxes you will have to pay. I’m talking about how you determinewhat your S corporation salary will be. The fact is, to take advantage of all … [Read more...]
Seven Things to Know Before You Take Out an EIDL
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...]