Deduct 100 Percent of Your Business Meals under New Rules
As a reader, you know that we try to find multiple ways for you to legally deduct 100 percent of your business meal expenses versus the typical 50 percent. Nowe, you have fresh opportunities for writing off 100 percent of your business meals.
ARPA Ends Dreaded Cliff for Health Insurance Premium Tax Credit
If you are self-employed or operate as a corporation, and you can’t get individual health insurance coverage through your spouse (or through Medicare), you can always obtain it through the premium tax credit (PTC) which comes from the Affordable Care Act.
Deducting Business Casualty Losses: You Don’t Need a Disaster
Disasters are always bad news. But you may be able to deduct your losses. And you are not subject to many of the restrictions that apply to deductions for disaster losses to personal property such as your home, personal car, or personal belongings.
QBI Update: Impact of Negative QBI and Previously Suspended Losses
This article explains the federal income tax impact of negative QBI, including negative QBI caused by deducting previously suspended losses.
Boost QBI: Pay Partners and LLC Members Preferred Returns
This article explains why you should consider paying preferred returns instead of guaranteed payments.
Business Tax Breaks Thanks to the Recently Enacted CAA
The legislation adds a few new federal income tax breaks for businesses and extends a bevy of other business breaks that were set to expire at the end of 2020.
Congress Passes Corporate Transparency Act: What It Means for You
It’s likely that many shell LLCs and corporations were formed to obtain fraudulent PPP loans. This is about to change. In January 2021, Congress passed the Corporate Transparency Act.
COVID-19 Relief Law Turbocharged Employee Retention Credit
Now, retroactive to enactment of the CARES Act in March 2020, thanks to the new COVID-19 relief law, an employer who has or had the PPP in hand can do both the PPP loan and the employee retention credit.
COVID-19 Relief Law Boosts Temporary Tax Deductions and Credits
As you would expect in these unusual times, some of the relief is in the form of direct government financial assistance and some is from tax benefits that can impact both tax year 2020 and tax year 2021.
Lawmakers Extend the Tax Extenders with the COVID-19 Relief Law
Here’s what lawmakers did with the extenders when they enacted the new COVID-19 relief law on December 27, 2020.
Who Qualifies for First Draw PPP Money Today?
Answer—you most likely—if you file a business tax return and have not yet received any Paycheck Protection Program (PPP) monies.
Secrets to IRS Penalty Forgiveness Using Reasonable Cause
Uh-oh! In your mailbox, you found that dreaded envelope—the one from the IRS. Inside the envelope, you find a notice from the IRS informing you that it assessed additional tax, penalties, and interest on your tax return from two years ago!