Sometimes the early bird doesn’t catch the worm. In fact, sometimes being early can actually work against you. Like when you may have taken a required RMD (Required Minimum Distribution) at the beginning of 2020 as many conscience taxpayers did. So… how can paying your RMD early actually be a problem? We’ll explain why this is the case and tell you how you can solve the … [Read more...]
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Nine Insights into PPP Loan-Forgiveness for the Self-Employed
Are you self-employed with no employees?Did you apply for a CORVID-19 Paycheck Protection Plan (PPP) loan?Did you already receive your money? Great. Now you need to know how to handle your PPP money so that you qualify for the all-important loan forgiveness! If you have questions about how to proceed legally and come out a winner, you need straight answers. That’s … [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...]
COVID-19: Two New Retirement Account Strategies You Need to Know Now
Good news! The new CARES Act made several retirement-account (RMD) tax-law changes that can save you a lot of money. To take advantage of these changes, there are two totally-legal, powerful strategies that you can put to use. What are they? We’ll give you all the money-saving details when you read the full article. IMPORTANT: Be aware that the new rules apply only … [Read more...]
Is the EIDL Advance Taxable?
One of the important things we do at The Tax Reduction Letter is keep very close tabs on IRS guidance. I’m glad we do, because recently the IRS issued important guidance indicating that business expenses used to create Paycheck Protection Program (PPP) loan-forgiveness are non-deductible. This means that if you received an Economic Injury Disaster Loan (EIDL), you may … [Read more...]