2020 Tax Preparation Checklists Now Available

2020 Tax Preparation Checklists Now Available

As promised, we have put together two Checklists to help you pull together your tax preparation materials for 2020. With all of the CARES Act, Payment Protection Program loan and other changes to tax law last year, we expect plenty of questions and confusion.

read more
2021 Appropriations Act Provides Additional Pandemic Relief

2021 Appropriations Act Provides Additional Pandemic Relief

On December 27, 2020, President Trump signed into law the newest $900 billion COVID-19 relief bill. The legislation, part of the Consolidated Appropriations Act, 2021, provides additional pandemic relief and clarifies the deductibility of business expenses paid with forgiven Paycheck Protection Program (PPP) loans. Key provisions of the new law include:

read more
8 Top Tax Tips for Year-end 2020

8 Top Tax Tips for Year-end 2020

I think most of us will be glad when 2020 is finally over so we can look forward to a new start in 2021. As the year winds down in the next four weeks, take some time to look over your finances. There may be a few things you can do before the end of the year to get ready for the 2021 tax-filing season.

read more
PPP Loan Forgiveness: Is It Time to File?

PPP Loan Forgiveness: Is It Time to File?

Is it time to file for PPP loan forgiveness? The quick answer: Probably not yet. Ideally, you don’t want to file for loan forgiveness until the questions surrounding tax deductibility and automatic forgiveness are resolved.

read more
How to Reduce Higher Education Costs with Tax Credits

How to Reduce Higher Education Costs with Tax Credits

If you, your spouse or your dependent child takes college classes — whether online or in-person, part-time or full-time — you may be able to offset some of the costs with tax credits. These credits reduce the amount of tax you owe. And if the credit reduces your tax to less than zero, you could even receive a refund.

read more
Is Your “Side Hustle” a Hobby or a Business?

Is Your “Side Hustle” a Hobby or a Business?

With a little extra time at home on your hands this year, you may have taken up a new hobby — maybe selling photographs, creating skin-care products or trading antiques — whether for fun or to make a few extra bucks. But is it just a hobby? Maybe you’re thinking it could turn into a new business venture. What’s the difference? And how does it affect your taxes?

read more