Vaccinated? Claim Tax Credits for Your Employees and Yourself

As the nation suffers from the ravages of the super-contagious COVID-19 delta variant, the federal government desperately wants all American workers and their families to get vaccinated. If you have employees, you probably feel the same way. Indeed, more and more employers are implementing vaccine mandates—a trend that will likely grow as the FDA gives […]

Don’t Miss Out on the Employee Retention Credit

Your government wants your small business to survive (and likely thrive, too). Since COVID-19 struck, the government has created free and/or easy money in the form of tax credits and loans that are forgiven. The employee retention credit (ERC) is one such perk for your small business, and it’s operating in high gear right now. […]

You Took Coronavirus-Related IRA Money Last Year: What Now?

If you’re a traditional IRA owner who was adversely affected by the COVID-19 pandemic last year (2020), you may have been eligible to takea tax-favored coronavirus-related distribution from a traditional IRA.If so, that privilege was thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).In this analysis, we will call these tax-favored traditional […]

The Work Opportunity Tax Credit rewards your good deeds

The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about. Suppose your business hires a member of a targeted group. In […]

New Wisconsin Tax Laws Affect 2020 Wisconsin Tax Returns

On February 18, 2021, Governor Tony Evers signed 2021 Wisconsin Acts 1 and 2, which provide the following significant changes for 2020 Wisconsin income/franchise tax returns. The tax form instructions are being updated and more information will be published next week in Wisconsin Tax Bulletin 212. Earned Income Tax Credit Wisconsin adopted section 211 of […]

Good News If Your PPP Loan Is for $50,000 or Less

As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often confusing) ride so far. With the new rules for PPP loans of $50,000 or less, you escape the most difficult part of the loan forgiveness if you had to consider employees. And you […]