Who is eligible for a small business loan through the stimulus package? The U.S. Small Business Administration’s web site states that those eligible for the Paycheck Protection Program are businesses with fewer than 500 employees. This includes businesses that are sole proprietorships, independent contractors, self-employed individuals, private nonprofit organizations or veteran organizations that have been impacted… Read More

    Distribution Of Economic Impact Checks By IRS: What you need to know   Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those… Read More

      Wage and Tax Statements due January 31   The IRS reminds employers and other businesses that January 31 remains the filing deadline for wage statements and independent contractor forms. Employers are required to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements,… Read More

  New or revised deductions for businesses Qualified business income deduction. Many taxpayers may be eligible for a new deduction for qualified business income (QBI) from a qualified trade or business operated directly or through a pass-through entity.The deduction has two components. 1) Eligible taxpayers may be entitled to deduct up to 20 percent of their qualified… Read More

    Filing an Extension to File Your Tax Pros and Cons? As with most things, there are pros and cons to filing an extension. Let’s take a look at the pros of getting an extension to file first. Pros You can avoid a late-filing penalty if you file an extension. The late-filing penalty is… Read More

  Is disability income taxable? Here’s the answer… There is a saying that the only two things in life that are certain are death and taxes. As United States citizens, we are well aware of the fact that we pay taxes on the income we receive. In fact, a part of those taxes is what… Read More

  Audit Rate Although the overall individual audit rate is only about one in 119, the odds increase dramatically as your income goes up, as it might if you sell a valuable piece of property or get a big payout from a retirement plan. IRS statistics show that people with incomes of $200,000 or higher… Read More

        It’s been 30 days since the Tax Cuts and Jobs Act passed, and companies around the U.S. have already been responding.     American Airlines – $1,000 bonus to 130,000 employees.   Apple – $2,500 bonus in restricted stock units.   AT&T – $1,000 bonus to more than 200,000 employees. AT&T was the first company to announce… Read More

Above the line deductions The standard deduction is a fixed amount that’s based primarily on your filing status, which reduces your taxable income. This amount is higher if you or your spouse are over the age of 65 or blind. Each tax season, you have the choice to deduct your actual itemized deductions or take the standard… Read More

New Federal Tax Law May Affect Some Refunds PATH Act Tax-Related Provisions The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), was enacted on December 18, 2015. The PATH Act contains several changes to the tax law that affect individuals, families, businesses and help safeguard against tax fraud. Section 201 of this… Read More