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...]
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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...]
COVID-19: New SBA Loans for Small Businesses—Maybe a Great Deal
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ I don’t have to tell you that the terrible COVID-19 virus pandemic has devastated … [Read more...]
Life Insurance Policy Loan—A Tax Nightmare
Do you have an insurance policy that has built up an internal cash value? Are you taking loans from your policy, or letting the policy ride with premiums being paid from the cash value? If the answers to these questions are “yes,” be very careful. You see, if you don’t handle things correctly, you can fall into the life insurance policy-loan trap. Allowing your life … [Read more...]
Tax reform creates huge hazards when you loan money to your corporation
Making loans to your corporation became a lot more hazardous back in 1986 thanks to the Tax Reform Act passed that year. But you ain’t seen nothin’ yet… The new Tax Cuts and Jobs Act makes things far worse for tax-years 2018 through 2025! We’ll tell you exactly what lawmakers did when you read my new article titled Tax Tips: TCJA Tax Reform Creates Big Hazard in Loans to … [Read more...]