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PP2 – Definition of Gross Receipts

The recently passed stimulus bill included the creation of PPP2 which provides that if an Employer has fewer than 300 employees and experienced a decline in Gross Receipts of 25% or more in any 2020 calendar quarter they could apply for a “Second Draw” under the...

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Can you qualify for a medical expense tax deduction?

Can you qualify for a medical expense tax deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your...

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Maximize your 401(k) plan to save for retirement

Maximize your 401(k) plan to save for retirement

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the...

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2020 – 11/20

2020 – 11/20

The IRS has provided a safe harbor for deducting expenses if a Paycheck Protection Program (PPP) loan isn’t forgiven. The safe harbor allows a taxpayer to claim a 2020 deduction for deductible eligible expenses if they received a PPP loan that: 1) the taxpayer expects...

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2020 – 11/10

2020 – 11/10

Many college students may qualify for Economic Impact Payments (EIPs), if they haven’t received them yet. The IRS is urging eligible self-supporting college students who don’t need to file a tax return to register by Nov. 21 so they can receive a payment by year end....

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2020 – 11/03

2020 – 11/03

Certain recipients of Economic Impact Payments (EIPs) may be eligible for extra money. Federal beneficiaries who received an EIP but didn’t register for a $500 supplemental payment per qualifying child may still sign up before 3 p.m. Eastern, Nov. 21, 2020, using the...

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2020 – 10/26

2020 – 10/26

Time’s almost up to receive an Economic Impact Payment (EIP). Eligible taxpayers must register by Nov. 21. To encourage people to be ahead of the deadline, the IRS has set Nov. 10 as “National EIP Registration Day,” promoting EIP information in 35 languages. These...

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