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 …
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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 …
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 …
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As a result of the COVID-19 pandemic, Congress is doing what it can to help you and your business survive financially. Congress has decided to use the tax law to get cash to those who need it most as quickly as possible. The Corona virus Aid, Relief, and Economic Security Act (CARES Act), just passed …
COVID-19: Important Tax Breaks from the CARES Act Read More »
