What form of business entity makes the most sense for your business? Very possibly it’s an LLC. Sure. Proprietorships, partnerships, and S or C corporations have their strong points. But LLCs also offer tremendous advantages that you really should know about. For starters, LLCs offer huge legal and federal income-tax advantages that can save you a ton of money. Want … [Read more...]
Five Answers to Spending the PPP Money on You and Your Employees
Do you report your business income on Schedule C of your Form 1040? Then your Payroll Protection Program (PPP) loan-forgiveness should move ahead smoothly. Nevertheless, loan-forgiveness questions do arise if you’ve already received your PPP money. If you have questions about spending money on yourself and your employees, you’ve come to the right place. You’ll get … [Read more...]
Does Renting My Home for Two Months Kill the $500,000 Exclusion?
Sometimes tax rules are easy to follow. Other times, several rules interact with each other and have to be coordinated carefully to deliver the maximum tax benefit. In this issue of the Tax Reduction Letter, we’ll deal with just such an integration challenge that was ultimately successful. Read the full article for full details. Here’s an example of important … [Read more...]
Four Insights into the PPP Loan and Its Forgiveness
Let’s face it… Applying for a Payroll Protection Program (PPP) loan, and receiving repayment-forgiveness, can be complicated. That’s why reading my new article is so important. You see, it’s designed to give you insight into how the PPP works and the difference between: * The PPP program* Economic Injury Disaster Loan (EIDL)* Economic Injury Disaster Loan (EIDL) … [Read more...]
Government Clarifies PPP Loan Forgiveness for the Self-Employed
Are you a Schedule C taxpayer with no employees? Then Uncle Sam has some good news for you. You see, the SBA has recently clarified the rules governing the Paycheck Protection Program (PPP). Simply put, these rules make clear how you can put the new loan-forgiveness rules to work for you. This means it’s easier than ever to take advantage of the PPP program. It lets … [Read more...]