Congress has introduced several provisions to help businesses with their taxes during the ongoing COVID-19 pandemic. Some of these provisions apply to S corporations and can be very helpful in reducing their tax liability. Payroll Tax Deferral S corporations can defer their share of Social Security tax on federal tax deposits with this program. Instead… Continue reading Covid-19 Tax Relief for S-corporations
PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including… Continue reading Eligibility for 2nd Round of PPP Loans
Did you miss out on the first and second rounds of PPP loans provided by the US Government as stimulus checks for small businesses because you assumed it was a loan, right? What if I tell you that the PPP loans aren’t just tax-free monies but can also be 100% forgiven if you are eligible… Continue reading Updates on PPP
An entrepreneur is acutely conscious of how important it is to keep track of money for a small business. Bookkeeping is a way of doing that since it is the practice of recording and documenting all financial transactions that take place in a business. As crucial bookkeeping is, the owner seldom has time to manage… Continue reading Top 5 Reasons to Have an Outsourced Bookkeeper for Your Business
Amended Tax Return Status 866-464-2050 www.irs.gov/filing/wheres-my-amended-return Apply for an EIN 800-829-4933 www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers Estate and Gift Taxes 866-699-4083 Excise Tax Help 866-699-4096 FBAR Online Filing https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html Get Tax Transcript for Individuals 800-908-9946 www.irs.gov/individuals/get-transcript Identity Theft 800-908-4490 Power of Attorney (Form 2848) Fax: 855-214-7519 for Alabama, Arkansas, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana,… Continue reading IRS Key Contact Information and Helpful Links
The new Paycheck Protection Program (PPP) that comes with the stimulus package can generate income for businesses that already have PPP money or had it at some point in the past. PPP money comes in the form of a loan. It is because the person who gets the loan has to repay it. However, those… Continue reading New Insights to PPP Loans
Doing taxes requires a lot of time and effort. While individuals and businesses can save some money by handling their taxes themselves, it can also be risky. If someone files their taxes inaccurately, they can face tax audits, penalties and, in some cases, imprisonment. It is always better to let an expert handle tax matters.… Continue reading Top 5 Reasons for Hiring a CPA
That property that you are renting out, which may be a cottage, condominium, lake house or beach house, ski resort, a cabin in the countryside, or similar property, has unique tax attributes if you rent it for an average rental period that is seven days or less and you hold 5% or more interest in the property.… Continue reading Tax Benefits for Short-term Rentals (Airbnb & VRBO)
We all owe taxes – it’s the law, but there are plenty of legal ways to minimize your tax obligations so you aren’t handing everything over to the IRS. While there aren’t many opportunities for double tax savings – when you combine the benefit of a principal residence and the Section 1031 like-kind exchange.… Continue reading How to Take Advantage of Double Tax Savings on your Home
If you own a real estate investment business, you may be missing out on one of the largest tax write-offs – a home office. Most people recognize the need for a home office when you work from home or run a business from home, but many real estate investors overlook the need for an office… Continue reading One of the biggest tax deductions for Rentals
