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...]
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New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses
Here’s a question you might think has a straightforward answer… Are expenses related to your Payroll Protection Program (PPP) loan deductible? So … does this question have a straightforward answer? You must be joking! You see, lawmakers and the IRS have screwed things up royally and the result is complications, contradictions, and confusion. Need help … [Read more...]
Good News If Your PPP Loan Is for $50,000 or Less
Thinking of applying for your Paycheck Protection Plan (PPP) loan forgiveness? Then here’s some good news for you… If your PPP loan takes your employees into account andYour PPP loan was for $50,000 or less… … your loan-forgiveness account may have increased by 100% even though you reduced employee pay or headcount. What’s more, this new Small Business … [Read more...]
If the SBA Made Six Loan-Payments on Your Behalf, Are You Taxed?
As you probably know, the Small Business Administration (SBA) offered two kinds of much-needed loan assistance… Payroll Protection Program (PPP) loansEconomic Injury Disaster loans But do you know about the other SBA loan programs? There were several loan programs that pre-dated the pandemic and didn’t require a disaster to occur in order for you to qualify. These … [Read more...]
2020 Last-Minute Year-End Retirement Deductions
Are you currently using a retirement plan that’s helping you and your employees reach important retirement goals? Well, you should have one. And soon. (Read the article for full details.) Why the rush? Because if you act by December 31, you’ll be able to put a business retirement plan in place, or make the switch to an extremely useful Roth IRA (if your income is down … [Read more...]