These days, when all the news seems to be bad, here is some good news that you should know about. A new law, recently enacted by Congress, makes the Payroll Protection Plan (PPP) better than ever, and for everyone. That’s right. Thanks to the new law, you can get tax-free cash whether you’ve got A prior PPP loanA current PPP loan that’s outstandingA PPP loan that you’re … [Read more...]
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Round 2: Additional Tax-Free PPP Money for You?
Did you get a nice pile of tax-free money by taking advantage of the first Paycheck Protection Program (PPP)? Well, here’s your chance to double dip! That’s right. Thanks to a recently-enacted law, you may qualify for a second round, a “second draw,” of PPP tax-free money. Yes. You do have to qualify for this second draw of cash, but there’s a pretty good chance you … [Read more...]
New Laws—COVID-19-Related Government Grants: Taxable or Not?
Hey buddy. Can you spare a billion dollars? Apparently Uncle Sam and his state and municipal buddies can. In fact, because of the economic devastation caused by the COVID-19 epidemic, Uncle Sam and his state buddies have given away many billions of dollars in grants. Unlike an Economic Injury Disaster Loan (EIDL), which has to be paid back, government grants (by … [Read more...]
ABLE Accounts: A Great Deal for the Disabled and Their Families
61 million adults, and over 12.6 million children in the United States, have some type of disability. That’s why ABLE accounts can be so tremendously helpful. These tax-advantaged accounts for the disabled are relatively new and they remain little known. A pity. You see, ABLE accounts can be real game-changers because they allow the disabled to save money without … [Read more...]
New Stimulus Law Grants Eight Tax Breaks for 1040 Filers
If you’re a regular reader of the Tax Reduction letter, you know our goal is to help small businesses. But in this issue, we’ve got some good news for non-business taxpayers who file Form 1040s. Thanks to the huge stimulus bill enacted on December 27, 2020, there’s a way for everyone to come out a winner. I’m talking about a host of tax breaks that can save money for … [Read more...]