Some People are Required to Return EIPs
Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.
What Qualifies as a “Coronavirus-Related Distribution” from a Retirement Plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a...Good Records are the Key to Tax Deductions and Trouble-free IRS Audits
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
Seniors: Can You Deduct Medicare Premiums?
If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.
A Non-working Spouse Can Still Have an IRA
If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.
IRS Releases 2021 Amounts for Health Savings Accounts
There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.
Did You Get an Economic Impact Payment That Was Less Than You Expected?
Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.
Making the COVID-19 Crisis Less Taxing for Retailers
Infographic: CARES Act tax breaks to help retail businesses.
It’s Not Too Late to Make Deductible IRA Contributions
Do you want to save for retirement on a tax-advantaged basis? It’s not too late to make 2019 IRA contributions (if you’re eligible) just because it’s 2020. And this year, the IRS extended the deadline three months due to COVID-19. Here are the rules and who can make contributions.
The Path Forward After PPP Loans & Lockdown
The next 120 days will be critical and cash flow will be key. On the horizon is the new tax day deadline, 2020 estimates and PPP Loan forgiveness. And you still need to figure out how to restart your business. Click below to access our blueprint of things to think about, how to plan for the next four months and through the end of the year.