Four Things to Know When Hiring Your Spouse

Four Things to Know When Hiring Your Spouse

Jan 21, 2021 | Income Tax

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax savings may be a mirage if you don’t pay your...
The IRS Goes Easy on Taxpayers Who Owe Back Taxes

The IRS Goes Easy on Taxpayers Who Owe Back Taxes

Jan 19, 2021 | Income Tax

Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020. The IRS is...
New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

Jan 14, 2021 | COVID-19

From what we know, when lawmakers originally passed the PPP they thought that under its provisions, • you did not pay taxes on the forgiveness amount, and • you also could deduct the expenses that you paid with the PPP money. Obstacle In late April, the IRS issued...
Good News if Your PPP Loan is for $50,000 or Less

Good News if Your PPP Loan is for $50,000 or Less

Jan 7, 2021 | COVID-19

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...