With the new stressors and changes that 2020 brought most people, it is no surprise that tax planning took a back-burner for some people. Have no fear! Even though 2020 has come and gone, there are still a few things that you can do to help your 2020 tax situation.
Thanksgiving is gone and Christmas is fast approaching! Can you believe that another year, especially this year, is nearly over?! As we approach the end of 2020, it is a great time to review your strategies to manage your tax liability and make some year-end adjustments. With the pandemic, this year presents even more challenges in the tax planning process such as the questions related to how the Paycheck Protection Program (PPP) money is to be handled for taxes. This question, along with many others, makes planning even more important this year.
…Especially When Giving Back Can Lessen Stress and Your Tax Bill!
I recently read an article on how to deal with anxiety due to all the changes that have occurred in 2020 due to the COVID-19 threat. One of the suggestions was to give to your favorite charity/charities.
2020 has been a year of turbulence and has created chaos for many Americans including governmental issued shutdowns, quarantines, social distancing and potentially filing for unemployment. Both the United States and the State of Iowa set records for unemployment claims during the 2020 COVID-19 pandemic. Unemployment claims are down from the initial surge, but remain high compared to traditional levels as Congress continues to try to find ways to help distressed individuals and businesses. This blog is aiming to provide some clarity on the taxation of those unemployment benefits to prevent already distressed individuals from receiving additional bad news next tax season.
COVID-19 has created unusual times for all of us and it has been especially trying for small businesses. With all the uncertainty, it has business owners concerned more than usual about their financial condition and their employee situation. One thing that may help during this crisis is hiring your children to work in the family business. Read More
Many of the businesses, who received the Paycheck Protection Program (PPP) loan in April and May, have spent all of the funds. Now, they are anxious to get the loan forgiven so they do not need to repay it. However, is this the time to complete the forgiveness form and send it to their banker…or not? For now, we say “Don’t rush! It is better to wait until more information is known.” Here are 5 reasons to wait.
As we ride out the fury of this COVID-19 pandemic, many of us are finding ourselves working from home these days. Therefore, I thought this would be a good time to do a refresher on what qualifies for a home office deduction.
I think you will agree it’s time. It’s time for Covid-19 to jump ship and quit causing horrific devastation throughout the world. Unfortunately, that is not the case at this time as COVID-19 continues to affect all of us, even as we start the reopening of our State. As we continue to weather the storm and navigate these uncharted waters, I thought it would be good to discuss the various options that could help your businesses maintain cash flow and stay afloat.
The Coronavirus pandemic has led to a significant amount of change in 2020. The way people live, work, interact and just about everything else has been affected. In the news and press conferences there have been several references to extending the tax deadline and you may be wondering what that means for you or your business. The information below will break down the changes to tax filing due dates for individuals, businesses and other entities. However, there are several other considerations and implications that these due date changes bring that you should be aware of.
In 1859, Charles Dickins wrote “It was the best of times. It was the worst of times”. Could he have possibly been talking about the year 2020? How could our world change so quickly – from a booming, thriving economy with a record high stock market and low unemployment rate, to a weakened state of job loss and business closures. And as bad as this is, it pales in comparison to the severe health issues and loss of life we are experiencing caused by the horrific Coronavirus.
Oops, I didn’t do any tax planning and 2019 is gone! Before you give up entirely, here are a few ideas that you can still do that might help your 2019 tax situation!
On December 20, 2019, President Trump signed into law the “Setting Every Community Up for Retirement Enhancement” Act or “SECURE” Act for short. This law includes several provisions related to retirement and college savings plans to make it easier and less costly for employers to set up and more accessible for employees to save for retirement. There are also items that help older individuals stretch their savings, so they have less chance of outliving their assets.
In working with many small and medium-sized business, I’ve found that people generally don’t like to talk about fraud. Some people are afraid their business will be susceptible to fraud and, therefore, they are paranoid to talk about it.
Filing and filling out tax forms can be overwhelming and confusing at times especially at year-end with all of the other deadlines and all we really want is to enjoy the holiday cheer! Today, we provided a few best practices that can be applied now to help when filing 1099-Miscellaneous forms and the 2019 Forms W-2.