In the past, when times were bad, your government made no special effort to help you as a self-employed individual. For example, you had no “safety net” such as existed for employees who lost their jobs. You were just supposed to suck it up until things got better As you likely know, in times of …
Washington Remembered Self-Employed During the Pandemic! Read More »
Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax …
COBRA premium assistance under the American Rescue Plan Act of 2021 (“ARPA”) became available to Assistance Eligible Individuals on April 1, 2021. Since that time, employers and benefit advisors have generated a number of questions about the mechanics of the subsidy and tax credit scheme. IRS Notice 2021-31, released May 18, provides some welcome guidance …
First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for Paycheck Protection Program (PPP) participants to also claim the employee retention credit (ERC). Reminder. Tax credits are the best. They usually reduce taxes dollar-for-dollar. (The ERC is not quite as good as …
Tax-Free PPP & The ERC, Claim Both to Double Your Benefit Read More »
How do you get Tax-Free Money? Thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to $100,000 of ERC (Tax-Free Money) in the third and fourth quarters of 2021 if you begin the business after February 15, 2020 (you could start today), have average annual gross receipts …
Get Up to $100,000 in Tax-Free Money For A New Business! Read More »
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020. Last month I did a blog on Business Tax Breaks. With all the changes that took place in …
The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020. And when you operate a business, you have a variety of tax breaks available. The recently enacted Consolidated Appropriations Act extends and expands some of the breaks. We bring the following selection of them to your attention as a tax-strategy buffet. Business …
Two things to know about the Paycheck Protection Program (PPP) first draw enacted on December 27, 2020: The first draw is for those who missed getting in on the original PPP, which expired on August 8, 2020. Don’t think of a PPP draw as a loan. It’s not a loan. It’s a cash infusion. You …
First Draw PPP Money: Who Qualifies for It Today? Read More »
Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention credit. Remember, under the original law, you had to choose between the retention credit and the PPP loan. Millions chose the PPP loan route. But …
Employee Retention Credit Turbocharged by COVID-19 Relief Law Read More »
Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans (general small business loans of up to $5 million), 504 loans (loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate), and microloans (short-term …