If you’re a regular reader of the Tax Reduction letter, you know our goal is to help small businesses. But in this issue, we’ve got some good news for non-business taxpayers who file Form 1040s. Thanks to the huge stimulus bill enacted on December 27, 2020, there’s a way for everyone to come out a winner. I’m talking about a host of tax breaks that can save money for … [Read more...]
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...]
Five Things to Know About Employing Your Spouse
Some business owners can employ a spouse and work happily together. Other business owners just can’t work with their spouse. If you’re a person who can employ your spouse and make it work, I’ve got some good news for you. You may be eligible to use some terrific tax-saving strategies. As we’ll explain below, the key to making these strategies work is to use benefits … [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...]
Good News If Your PPP Loan Is for $50,000 or Less
Thinking of applying for your Paycheck Protection Plan (PPP) loan forgiveness? Then here’s some good news for you… If your PPP loan takes your employees into account andYour PPP loan was for $50,000 or less… … your loan-forgiveness account may have increased by 100% even though you reduced employee pay or headcount. What’s more, this new Small Business … [Read more...]