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...]
Tax Policy
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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...]
COVID-19: The IRS Goes Easy on Taxpayers Who Owe Back Taxes
It should come as no surprise that many taxpayers are struggling to pay their taxes. In fact, because of the COVID-19 pandemic, over 11,000,000 taxpayers owe back taxes to the IRS. During the first phase of the pandemic, the IRS put a temporary halt to most of its collection efforts. A big help. However, a while ago the IRS started ramping up its collection efforts again … [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...]