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Get Your SBA Increase – Act Now

The Small Business Administration (SBA) is committed to increasing its Economic Injury Disaster Loan limit to $2 million, and the agency hopes to make that change happen over the summer. In an interview with The Business Journals, SBA Administrator Isabel Guzman said that the agency has been working on the technology upgrades needed to increase loans made through the program …

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Which Business Expenses are Deductible?

Have you missed partying and having business meals with your prospects, customers, and employees? Did you know that you can count these as deductible business expenses? Well, get ready to start again. Soon, COVID-19 will be behind us. To help you get ready, check the table below for which fun business expenses are tax deductible in 2021 and 2022 as …

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Your CPA: What Support Do You Need Most?

In these uncertain times, you need a CPA who can help with more than basic tax and accounting issues. You need an expert business adviser to show you the best way forward. Have you heard that congress may dramatically increase the taxes payable at death? Did you know that they may also impose an income tax and estate taxes at …

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How Do the Wealthy Pay Less Than 5% of Their Income in Taxes?

ProPublica has obtained “a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch, and Mark Zuckerberg. It shows not just their income and taxes, but also …

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The Bitcoin Tax Loophole

Have you heard about the Bitcoin tax break? The bitcoin crash opens the door to a tax loophole for investors. Everything started with a recent plunge in prices, but that sell-off has a silver lining: It opens the door to a money-saving tax strategy. Popular cryptocurrencies like bitcoin and ethereum shed more than half their value recently. Let’s have an example: Imagine …

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Tax Hikes May Be Released By White House Soon

President Biden expects to announce a 6 trillion dollar budget today and, if passed, it will potentially include the word “retroactive” as it relates to tax hikes. It is a big deal and may significantly impact your taxes. The history of significant tax policies and tax hikes did not previously account for retroactive changes, except for in 1993. Inside the …

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Capital Gains Tax Hikes To Be Announced

Yes, you read this correctly. Today, the White House is set to release President Biden’s fiscal ’22 budget, and there has been chatter that it may include information on proposed changes to the capital gains tax. The capital-gains tax rate increase could potentially take effect retroactively as of April 28th, 2021. This is a major change and may not be the …

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Income Tax – How To Pay 0% (or 4%) Legally

Is it possible to find a way to pay 0% (or 4%) in income tax – legally? The answer is yes. We know, it almost sounds too good to be true! Here’s the secret – there is no tax on dividends and no capital gain tax. The truth is, you could pay almost no tax at all. You can even live …

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Rehab Tax Credit is Cash In Your Pocket

The federal Rehabilitation Tax Credit, or rehab credit, offers significant financial incentives for owners and leaseholders of historic buildings to renovate those structures. What is the big deal? Why are tax credits so exciting? Tax credits, unlike deductions, reduce your tax bill dollar-for-dollar. If you spend $100,000 and get a 20 percent tax credit, you reduce your tax bill by …

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Is A Virtual CFO Right For Your Small Business?

Virtual CFO: A Strategic Business Partner Small and growing businesses do not always have the funds to hire a CFO but still need advice on strategic, financial, and operational matters. In many cases, these businesses turn to a virtual CFO to guide them through periods of transition or growth. CPAs and other finance and accounting professionals are well-positioned to be …