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...]
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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...]
Self-Employed with No Employees? Get Your COVID-19 Cash Now
They say there’s no such thing as a free lunch,but there IS free money waiting for you! Here’s the story… The government knows that the COVID-19 pandemic has had a devastating effect on small businesses. That’s why the Payroll Protection Plan (PPP) was created. Almost overlooked is the fact that it is intended to grant cash to self-employed 1040 Schedule C taxpayers … [Read more...]
COVID-19: Tax Benefits for S Corporation Owners
If you operate your business as an S corporation, I have some good news for you. Because of the toll the pandemic has taken on business,the IRS is lightening up on S corporations. This means important new benefits for you! Oh, I know that in the past, the IRS has been tough on S corporations in many ways. That’s because the tax law limited (or eliminated) tax breaks … [Read more...]