COVID-19-Related Government Grants: Taxable or Not?

By Rob Weinberg | January 28, 2021 | Comments Off on COVID-19-Related Government Grants: Taxable or Not?

In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government and by state and local governments as well. Are these grants taxable? Like most things in the world of taxes, it depends. What Is a …

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Home-Office Deduction—Show Me the Proof!

By Rob Weinberg | January 21, 2021 | Comments Off on Home-Office Deduction—Show Me the Proof!

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 …

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PPP Alert: New Shot for Your Tax-Free Cash

By Rob Weinberg | January 13, 2021 | Comments Off on 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, …

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

By Rob Weinberg | January 7, 2021 | Comments Off on 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 …

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Five Things to Know About Employing Your Spouse

By Rob Weinberg | December 24, 2020 | Comments Off on Five Things to Know About Employing Your Spouse

Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as your spouse is not a partner). But this arrangement …

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New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

By Rob Weinberg | December 9, 2020 | Comments Off on New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

From what we know, when lawmakers originally passed the Paycheck Protection Program (PPP), they thought that under its provisions you did not pay taxes on the forgiveness amount, and you also could deduct the expenses that you paid with the PPP money. Fly in the Ointment In late April, the IRS issued Notice 2020-32, which …

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2020 Last-Minute Year-End Tax Strategies for Existing Vehicles

By Rob Weinberg | December 3, 2020 | Comments Off on 2020 Last-Minute Year-End Tax Strategies for Existing Vehicles

It’s time to examine your existing business and personal (yes, personal) cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. In this article, we will first look at your prior and existing business vehicles that you or your pass-through business owns. Then, we will take a look at your personal vehicles as …

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How to Find the Right CPA for You

By Candice Gerlach | November 25, 2020 | Comments Off on How to Find the Right CPA for You

How to Find the Right CPA for You Figuring out how to find the right CPA for you shouldn’t be complicated. Finding an experienced CPA will save you time and support your financial goals. The right CPA for you will offer a combination of consultative information as well as practical services to match your accounting …

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2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

By Rob Weinberg | November 19, 2020 | Comments Off on 2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if you operate as a corporation, don’t neglect to hire your children; there are good savings for you there, …

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If the SBA Made Six Loan Payments on Your Behalf, Are You Taxed?

By Rob Weinberg | November 12, 2020 | Comments Off on If the SBA Made Six Loan Payments on Your Behalf, Are You Taxed?

Since the arrival of the COVID-19 pandemic, the Small Business Administration (SBA) Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) have gotten the most attention from businesses seeking a quick cash infusion. But the SBA has several other loan programs that pre-date the pandemic and don’t require a disaster for eligibility. These …

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