New Hope for Restoring and Fixing the Employee Retention Credit
As you may remember, two bad things happened to the Employee Retention Credit (ERC): On November 15, 2021, Congress retroactively repealed the ERC for the fourth quarter of 2021(except for start-up businesses). On August 4, 2021, the IRS issued the clearly irrational Notice 2021-49 stating that a corporateowner with certain living relatives does not qualify […]
Don’t Rob Yourself of the Home Internet Deduction
Given the connected nature of remote work these days, you likely use your home internet to do a little or a lot ofwork. In this article, you will learn how to deduct the cost of your home internet. The rules that apply to the home internetalso apply to all the other expenses incurred while working […]
Tax-Saving Tips
Is Your Sideline Activity a Business or a Hobby? Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040? Will the IRS consider your sideline a business and allow your loss deductions? The IRS likes to claim that money-losing […]
Amplified: 10 Tax Strategies for S Corporations: What, How, Where
Make Extra “Catch-Up” Contributions to Retirement Accounts: We Quantify the Benefit
After reaching age 50, you can make additional “catch-up” contributions to certain types of tax-advantaged retirement accounts. For the 2021 tax year, this opportunity is available if you’ll be age 50 or older on Friday, December 31, 2021. Specifically, with an employer-sponsored 401(k), 403(b), 457, or SIMPLE plan, you can make extra salary-reduction catch-up contributions […]
2021 Last-Minute Year-End General Business Income Tax Deductions
The purpose of this article is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. This article gives you six powerful business […]
Ready, Set, Depreciate
When you buy real property (or personal property that lasts more than one year) to use in your business, you may have up to three options for deducting the cost: Regular depreciation Bonus depreciation IRC Section 179 expensing (technically, depreciation in advance) Regular depreciation takes several years. Bonus depreciation allows you, through 2022, to deduct […]
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 […]