Everybody wants to enjoy a comfortable, secure, carefree retirement. But achieving this goal depends on the choices you make today. That’s why, in this issue of the Tax Reduction Letter, we’ll help you make a very important decision… Should you choose to open a SEP IRA,or a Solo 401(k) retirement plan? Both of these tax-favored retirement plans can help you build … [Read more...]
PPP Alert: New Shot for Your Tax-Free Cash
Did you get the free cash you were entitled to under the Paycheck Protection Program (PPP)? If you failed to apply for your money in the first round of the PPP payout, you missed a terrific opportunity. If that’s the case, Uncle Sam has some good news for you: Thanks to the new COVID-19 stimulus law, that took effect just days ago, you’ve got a second chance to get your … [Read more...]
New PPP Forgiveness Rules for Past, Current, and New PPP Money
These days, when all the news seems to be bad, here is some good news that you should know about. A new law, recently enacted by Congress, makes the Payroll Protection Plan (PPP) better than ever, and for everyone. That’s right. Thanks to the new law, you can get tax-free cash whether you’ve got A prior PPP loanA current PPP loan that’s outstandingA PPP loan that you’re … [Read more...]
Round 2: Additional Tax-Free PPP Money for You?
Did you get a nice pile of tax-free money by taking advantage of the first Paycheck Protection Program (PPP)? Well, here’s your chance to double dip! That’s right. Thanks to a recently-enacted law, you may qualify for a second round, a “second draw,” of PPP tax-free money. Yes. You do have to qualify for this second draw of cash, but there’s a pretty good chance you … [Read more...]
Home-Office Deduction—Show Me the Proof!
When the subject of establishing a home office comes up, small-business owners often have lots of questions. Who can blame them? They’re worried about triggering an IRS audit. One question we’re often asked at the Tax Reduction Letter is: “If I have an office outside of my home, can I have a tax-deductible home office in my home? The answer is a resounding … [Read more...]