Social Security

3 Questions Did you know that you get an 8% increase in your social security benefits for each year you delay claiming it past your full retirement age? Did you know that you can claim benefits based on your spouse’s work record? Did you know that you are NOT eligible for Medicare until you are…

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Deducting Your Kids

A business owner can legally hire their kids. It is a great way to build a work ethic and provide some spending money to your children. Its also a great way to get a tax deduction. This can move some of your taxable income to your kid’s lower tax rates. Your children can also invest…

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Business Vacations

Is a business vacation an oxymoron? Not if you plan it properly! The trick is to sandwich your pleasure between your work. First you need to plan more workdays than days of pleasure. Sorry, no way around that if you want to write-off most of your trip. Your primary purpose must be for business therefore…

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Death and Taxes

Death and Taxes DEATH: Corey Johnson was found guilty in 1993 for 7 murders he committed in 1992 and numerous other charges related to drug trafficking and acts of violence. He was put to death Friday January 15, 2021. While the defense attorneys (paid for by taxpayers) argued that the fatal injection would be cruel…

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Realtor Tax Deductible Expenses

Advertising • Billboards • Brochures/Flyers • Business Cards • Copy Editor Fees • Direct Mail • Email Marketing and Newsletters • Internet Ads (Google, Facebook, etc.) • Leads/Mailing Lists • Post Cards • Print Ads (Newspapers and Magazines) • Promotional Materials • Signage/Banners • Web Hosting and Domain Fees Business Travel • Airfare • Car…

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New PPP Loan Forgiveness Applications

New PPP Loan Forgiveness Applications Summarized from an article in the Journal of Accountancy by Jeff Drew The SBA issued a new interim final rule providing guidance on how to calculate employee and owner compensation for loan forgiveness in the new 24-week covered period created by the Paycheck Protection Flexibility Act. Congress passed the Paycheck Protection Flexibility Act to…

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Recent PPP Developments: Loan Forgiveness and SBA Loan Review Interim Final Rules Released

Recent PPP Developments: Loan Forgiveness and SBA Loan Review Interim Final Rules Released Forgiveness Rule: The Forgiveness Rule provides an overview of the loan forgiveness-related provisions under the CARES Act and prior SBA interim final rules and guidance, along with certain substantive clarifications. An overview of key provisions is provided below. Loan forgiveness process. The Forgiveness Rule…

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Recent IRS Developments

Recent IRS Developments: Keeping You Informed in these Uncertain Times I. Payment and Filing Deadline Postponed to July 15, 2020 II. IRS People First Initiative III. Stimulus Checks I. Don’t think the Corona Virus is serious? Think again, the IRS has moved the tax filing deadline and payment date to July 15th for the first time ever! A…

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It’s Election Time!

It’s Election Time! No, I’m not talking about the presidential election; I’m not even talking about anything political. Did you know you must attach certain elections to your tax return to qualify for certain tax breaks? Even many tax preparers don’t understand these elections. I find them missing from most if not all the returns…

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