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...]
COVID-19 Crisis Creates Silver Lining for Roth IRA Conversions
If you’ve ever considered convertingyour traditional IRA to a Roth IRA… Why? Because the financial fallout from the COVID-19 crisis has created a once-in-a-lifetime opportunity to do a profitable Roth IRA conversion. You see, you’ll be able to make the conversion at an affordable tax-cost and protect yourself against future tax-rate increases. You’ll get the whole … [Read more...]
Quick Cash: COVID-19 CARES Act Creates Five-Year NOL Carryback
Nobody wants their business to generate a net operating loss (NOL). But if your business is showing an NOL, Congress is currently offering some significant help. You see, when the Tax Cuts and Jobs Act (TCJA) was enacted, it took away your ability to get an immediate cash benefit from your NOL. But the law has just changed! Due to the COVID-19 pandemic, Congress has … [Read more...]
CARES Act Fixes TCJA Glitch on QIP, Requires Action
Definition:Qualified Improvement Property (QIP) Qualified Improvement Property refers to any improvement made by the taxpayer to the interior portion of a building that’s nonresidential real property (like office buildings, retail stores, and shopping centers.) Can you believe it? Congress screwed up… big time. What was the mistake they made that could cost you … [Read more...]