Rent your House (that you live in) for TAX FREE PROFIT
Do you like golf? Well you’re about to. Why? Because it can save you quite a few shekels on taxes… Have you ever heard of Augusta? Yep. The most prestigious golf tournament of the year. Well they created a strange rule back in the day. If you qualify and follow some very specific steps, you […]
Don’t File Your Tax Return on April 15th
April 15th. The most notorious IRS tax deadline, right? Well… There’s more to the story. And while yes, you should extend if you’re not going to file. If you’re working with a tax preparer… You may want to hold off on filing your tax return on April 15th, if you haven’t checked with someone who […]
PPP Round 2 is Here!
It’s going to take us many weeks to digest everything in the Coronavirus Relief & Omnibus Agreement that the President signed Sunday night. PPP Round 2 is upon us! That’s right. PPP Loans for 1st time borrowers: -Generally 500 or fewer employees -Sole proprietors, independent contractors, and eligible self-employed individuals. -Any business that averages less than […]
The 2nd Best Legal Entity (after Tax Cuts and Jobs Acts)
It’s so sad. 70% of small businesses in the US haven’t even incorporated. And let’s be honest. It’s not like the other 30% have been properly incorporated. And for years and years (and still today), you hear people talk about an LLC. And then once you get a little more sophisticated… You probably heard about […]
A Plan to Break Out of Debt
The average credit card balance for an American household as of this month was $5,897, which is (remarkably) DOWN from years past. Also interesting: personal bankruptcies are NOT yet rising, compared to years past. But unemployment is still VERY high, and Congress has been slow to create more relief. There is a very good chance […]
Three Secrets of Tax Planning
Come in close. You can’t tell anyone. This is just going to be between us. The first secret most people don’t realize. Secret #1: You don’t have to be a multimillionaire to benefit from tax planning. In fact, I’ve seen people who have less than $10,000 in REVENUE for their business benefit from tax planning. […]
PPP Loan Deductibility
There’s both good news (for some) and bad news (for many) as we round the corner into December. And I’m not talking about our culture, or politics, or sports, or anything like that. I’m talking about TAXES. I’ll start with the good news. One of the difficult aspects of the Tax Cuts and Jobs Act […]
Audit-Proofing your Tax Returns
The IRS has apparently caught up on processing their backlogged mail that stacked up during COVID closures. Or, well enough, they say. That means that they are now resuming the mailings of tax-due notices to taxpayers with outstanding tax bills. If you receive one of these notices, get in touch with us immediately: 410-224-2600 Secondly, […]
Some PPP Forgiveness News…
You might have seen some rumors on this already, but I wanted to help make everything clear for you… A few weeks back I told you that there were some tax professional rumors circulating about “automatic forgiveness” for PPP loans under $150K. Remember that? Well, they did it! Except it is for even smaller loans […]
New CDC Eviction Rule
Floating under the radar during so much NOISE the past couple weeks … the CDC announced a halt to evictions for residential renters, and that starts THIS WEEK. First of all, the authority the CDC cites to establish this rule is the Public Health Service Act of 1944, which is also being cited in a […]