Last April 30, 2020, the IRS Notice 2020-32 was issued, and according to it, there should be no deductions for qualifying business loans that are under the Paycheck Protection Program...
The law on coronavirus aid, relief, and economic security Acts (the CARES Acts) contains a provision for the exemption of companies known as employee retention credit, a refundable...
Posted by Freddie Cook, CPA on 06/22/2020
Are you afraid to take a home office deduction because you’re worried it might trigger an audit? This fear is common among small businesses. But there’s really no need...
Posted by Flynn Financial Group Inc on 06/22/2020
The main incentive for small businesses under the CARES Act is the Paycheck Protection Protection (PPP) program. The $349 billion funded through the Small Business Loan Program (SBA)...
The trader tax status (TTS) constitutes the treatment of business expenses and offers several significant tax advantages to qualified active traders. The first step is to determine...
Posted by Advanced Accounting & Tax Planning on 04/20/2020
The rise of online and discount brokerages is making people interested in trading and the stock market. However, taking advantage of the various strategies on asset protection and...
Do you have a hard time sleeping at night thinking of your financial problems? Does your money problems trigger your anxiety? Don't ignore that because financial problems could...
Posted by Carmen Garcia on 04/02/2020
The Lifetime Learning tax credit amounts to 20% of the first $10,000 tuition fee paid every year till it reaches $2,000. To claim the entire $2,000 credit, you must have at least $10,000...
Posted by Premier Accounting & Tax on 04/02/2020
Everyone wants to pay their student loan including you. But before you do so, you have to make sure that for each repayment plan, you understand the advantages as well as the disadvantages.Below...
Posted by Flynn Financial Group Inc on 02/25/2020