4 Tactics to Make Filing Taxes Easier This Year


No matter how well-prepared you are, tax time is nearly always stressful for small business owners.  Finding receipts, keeping track of all your expenses, listing out deductions—it’s a lot to manage, more so if you have employees that you should file additional paperwork for.  And while it’s probably impossible to get rid of all the […]

Tax Issues to Handle When a Loved One Passes


It happens to all of us at one point or another: we lose a loved one to old age, illness, or accident. Along with the grief attendant on such an experience, there are also, unfortunately, plenty of legal and financial issues to manage when a loved one passes. If you’re not prepared for these, the […]

4 Things Every Business Owner Needs to Know About the New PPP Loans

Paycheck Protection Program Loan Forgiveness Application

The second round of PPP loans was approved by Congress in December 2020, as part of the second coronavirus stimulus package. Because the money is lent on a first-come, first-served basis, you don’t want to wait to apply. While the deadline isn’t until March 31, 2021, it’s a good idea to get started as soon […]

Applying for PPP Forgiveness in 2021? Here’s What You Need to Know


The Paycheck Protection Program (PPP) was renewed in December 2020 with a new round of funding—$284 billion, to be exact.  This brings the total funding for the program, which is managed by the Small Business Administration, to $806 billion.  And none of it is going to waste. The SBA has given out more loans since […]

Home-Office Deduction—Show Me the Proof!

home-office-tax-deduction image

Question. If you have an office outside your personal home—say, downtown—can you have a tax-deductible office inside your home for the same trade or business? Answer. Yes. Q. Who says that? A. The IRS and lawmakers! Q. Show me where they say that! Have you ever been down this road with the office-in-the-home deduction? We have. A. That’s […]

Round 2: Additional Tax-Free PPP Money for You?

PPP round 2

Did you receive money from a lender under the existing Paycheck Protection Program (PPP)? If so, you may qualify for more tax-free money. But first, let’s clarify what’s happening. When you think of the PPP program, do you think “tax-free money” or do you think “loan”? Think “tax-free money.” That’s what it is. And it’s […]

New PPP Forgiveness Rules for Past, Current, and New PPP Money

PPPnew rules

A new law makes the already terrific Paycheck Protection Program (PPP) better for everyone. It clarifies that the PPP money is tax-free and that expenses paid with the money are deductible. This applies retroactively to the inception of the CARES Act on March 27, 2020, so it benefits past PPP loans, current PPP loans that […]

PPP Alert: New Shot for Your Tax-Free Cash


Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read on for the details. But first, […]

Refresher on Tax-Smart College Savings Strategies for Parents

College savings pic

Refresher on Tax-Smart College Savings Strategies for Parents College costs lots of money these days, so saving for your college-bound child is a big deal. Saving in a tax-smart fashion can really help. In this article, we explain the most helpful federal income tax breaks that are potentially available to college savers. Here goes.  College […]

Good News If Your PPP Loan Is for $50,000 or Less


You are likely at or nearing the stage where you are thinking of applying for your Paycheck Protection Program (PPP) loan forgiveness. Here’s good news: If your PPP loan (a) considered your employees and (b) is for $50,000 or less, your loan forgiveness amount may have increased to 100 percent even though you reduced pay […]

COVID-19: The IRS Goes Easy on Taxpayers Who Owe Back Taxes


Many taxpayers are struggling to pay their taxes due to the coronavirus (COVID-19) pandemic. Some 11.23 million Americans owe a total of more than $125 billion in back taxes to the IRS. This number is likely to grow. During the first wave of the pandemic in March, the IRS implemented the People First Initiative, which […]

IRS Key Contact Information and Helpful Hints


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, Maine, Maryland, Massachusetts, Michigan, Mississippi, New […]