How to Fix and Flip Houses Classes: Are They Deductible? Question There is this client who works in the corporate world. He is also in the business of real estate and plans to use this platform to support his transition out of corporate life. In 2019, he created a single-member LLC (business license, tax …
Q&A: How to Fix and Flip Houses Classes: Are They Deductible? Read More »
Creating Deductions by Using Your Vacation Home for Business Lodging Here are some fun facts about business lodging: the properly used business vacation home or condo does not suffer from: The vacation-home rules, The passive-loss rules, or The entertainment-facility rules. In the modern days of COVID-19, you may have solid reasons to use your …
Creating Deductions by Using Your Vacation Home for Business Lodging Read More »
As you likely know, the Paycheck Protection Program (PPP) works along these lines for the partnership. I’m from the government, and I want to give your partnership $40,000 today, with one string attached. Within two years, your partnership has to pay me $10,000. The partnership pockets the $30,000 ($40,000 – $10,000). Is your partnership in? …
1. Do I Have to Spend the Paycheck Protection Program (PPP) Loan Proceeds? Yes, from the looks of the law. The instructions for line 9 of Schedule A for the U.S. Small Business Administration’s (SBA) Form 3508 PPP forgiveness application state: Line 9: Enter any amounts paid to owners (owner-employees, a self-employed individual, or general partners). …
Nine Insights into PPP Loan Forgiveness for the Self-Employed Read More »
COVID-19: Tax Benefits for S Corporation Owners Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. These provisions will help your small business! Many of us own and operate S corporations and expect the tax law to treat you differently, as it does with your health insurance deduction. We have …
Making Smart Choices from the COVID-19 Tax Relief Options The Paycheck Protection Program (PPP) Increase Act of 2020 adds billions of dollars to the already $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act is a well received gift to individuals and businesses, including meaningful tax relief. The recent …
Making Smart Choices from the COVID-19 Tax Relief Options Read More »
Question #1 If I obtain Paycheck Protection Program (PPP) loan forgiveness, can I still deduct the business expenses I paid with the loan forgiveness proceeds? Answer Unfortunately as of recently —the IRS released Notice 2020-32 laying down a ruling to us the answer is no. Review As we discuss in COVID-19: New SBA Loans for Small …
Are You Self-Employed with No Employees? You’re Eligible for COVID-19 Cash Would you think you would ever hear: “I’m from the government, and I’m here to help.” Well it’s actually kind of a true statement in the strange times of COVID. The Government: “I’m going to give you $20,833 today. I want you to give …
Are You Self-Employed with No Employees? You’re Eligible for COVID-19 Cash Read More »
Contractors into Employees? AB 5 and What it’s About The new California AB 5 law is somewhat troubling to both (a) employers, and (b) independent contractors, for the following reasons: · Employers who hire independent contractors save on Social Security taxes, Medicare taxes, employment taxes, unemployment taxes, and paid vacation and other time off, and can …
Does California’s AB 5 Turn Your Contractors into Employees? Read More »
More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020 The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27. The legislation is titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). It’s a daunting 880 pages long, …
COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay Read More »
