The PPP loan, for most, has already come and gone — though the second stimulus might very well open it up again. But one of the most appealing aspects of the PPP loan was the fact that it could be forgiven. As long as businesses used a certain amount of the funds towards essential things [...]
If you're a Schedule-C business owner, your company is yourself. You're self-employed, a private practitioner, a contractor, a gig worker, or otherwise engaged in your own business operations. And that makes your taxes especially complex because your Form 1040 also includes all your business information. At the end of the year, your personal and business expenses will [...]
It can happen to anyone, whether a business owner or an entrepreneur. You may have miscalculated your taxes at the beginning of the year — or simply experienced a financial shortfall. Either way, you can't pay your tax bill. What do you need to do now? Don't Panic: It's Not as Bad as You Think [...]
If you've received a CP notice, don't panic. While it's not an ideal situation, there are ways to get it resolved. The IRS is more forgiving than most people think, and they'll usually take the time to explain their notices. But you do need to take action once you receive the notice. The IRS is [...]
A $2.2 trillion, 300 page bill, the CARES act set records when it was signed into law in March 2020. But while most people were focused on the stimulus check, unemployment, PPP loans, and EIDL loans, the package also came with a significant amount of tax relief and tax deductions. Here's what you need to [...]
While this is usually Turbo Tax’s busiest week of the season, they may have noticed a decrease in submitted taxes this week. This is due to the fact that the Treasury and IRS, have extended the tax deadline by 90 days in response to the novel coronavirus. The new federal tax filing deadline for this [...]
With March upon us, the tax deadline is coming up fast. However, there are still things to be done as you prepare for the April 15th tax deadline. With 30 days until the deadline, here are some last minute tasks to add to your to-do list as Tax Day approaches. Getting in Last Minute Retirement [...]
Did you decide to finally branch out and start your own business like you always wanted to? Or maybe you wanted to earn a little extra money on the side so you started freelancing. While these situations may be common, talking about how these decisions now affect your taxes is not.