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Tax Strategies That Could Save you Thousands

Did your wallet take a hit this year at tax season? If so, you may need to learn more about tax strategies that can save you money. Get our free e-books and learn about all the ways you can save money on your taxes next year – so that you have more money to spend on the things that matter …

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Do You Need a Significant Tax Deduction?

What if you could still make a $200,000 tax-deductible retirement plan contribution for 2020? The Defined Benefit (D.B.) plans can blow away profit sharing, Keogh, S.E.P., or stand-alone 401ks to maximize taxable deductible retirement contributions. For self-employed people that earn $200k+ and want to max their contributions, D.B.’s are the way to go. Imagine this scenario: A 50-year-old business consultant has …

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Six Benefits for the Self Employed

As you likely know, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no exceptional government help. For example, you generally do not receive benefits that employees get, such as unemployment and paid sick leave. But this time it’s different. Because of the COVID-19 pandemic, you can qualify for the following seven benefits: 1. EIDLs. These …

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Tax Extension Pros and Cons

Are you considering a tax extension? If so, there are pros and cons that you should consider. First off, your federal income tax return is due on May 17. However, suppose that deadline doesn’t suit you for some reason. Maybe you have been unable to gather the requisite documents in time. In that case, it’s pretty easy to get the due …

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Section 1031 – I.R.S. Defines Real Property

Dear friends and clients – the longstanding tax break we’re currently experiencing has contributed to the making of many fortunes. However, consider these two things about the Section 1031 exchange privilege: Democratic presidential candidate Joe Biden’s proposed tax plan would eliminate the provision. The IRS recently issued new regulations that define what constitutes real property to determine eligibility for Section …

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SBA Still Accepting and Approving EIDL Loan Applications

Important News: The SBA has stopped accepting new PPP applications. Yes, you read that correctly. The Small Business Administration (SBA) has run out of funds and has stopped accepting new applications for Paycheck Protection Program (PPP) loans from most lenders. However, they are still approving EIDL loan applications. There is approximately $8 billion remaining designated for PPP loans made by community …

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Deductible Business Meals – What Qualifies?

Since 1986, lawmakers have limited business meal deductions: first to 80 percent and 50 percent (unless an exception applies). But on December 27, 2020, to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new, temporary 100 percent business meal deduction for calendar years 2021 and 2022. To qualify for the 100 percent deduction, you need a …

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Your EIDL Loan – How To Spend It

Congratulations on securing the EIDL Loan from the Small Business Administration. Now, it’s time to make the most of it by complying with the S.B.A. disbursement guidelines. DISCLOSURE: The law was approved, but the implementation, understanding, interpretation of it will change daily. The definition of permitted use of EIDL funds is broad. You can use the funds for financial obligations …

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PPP Extended — Act Fast or Miss Out

This is most likely the last opportunity to get money from the Paycheck Protection Program (PPP). A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Take note of the expression “when the money runs out,” and be aware that this could happen in a …

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Child Tax Credit Expansion

For the 2021 tax year only, the American Rescue Plan Act of 2021 (ARPA) makes major, taxpayer-friendly changes to the federal income tax child credit (CTC). Here is what you need to know, starting with some necessary background information. CTC Basics For 2018-2020 and 2022-2025, the maximum annual child tax credit (CTC) is $2,000 per qualifying child. More Generous CTC …