If you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but also minimize your expenses and your tax liability. Unfortunately, far too many entrepreneurs are not well-versed on the tricks and tools available to them and end up paying far more […]
Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part of an individual’s medical deductions when itemizing deductions, only the amount of total medical expenses that exceeds 7.5% of […]
Understand that wealth transition and succession planning were always complicated processes, and COVID-19 has not done anyone any favors. No matter what, you need to recognize that this is an inherently specific process: so much is impacted by your own unique circumstances and the facts surrounding your organization. Likewise, your end goals will play an important role in the decisions you make, along with how they may have changed in the last few months.
PPP Loan Forgiveness May Not Be What You Expect What did you expect when PPP brought up the term “foregiveness?” Now that you have gotten a Paycheck Protection Program loan (PPP), it is time to start planning how to spend the loan proceeds so some portion of it will be forgiven. PPP Loan Terms As […]
Are PPP Loan Expenses Tax-Deductable? The IRS is giving guidance on the Payroll Protection Program loan expenses and the deduction treatment in question. On April 30th, the IRS released guidance announcing that expenses relating to Paycheck Protection Program forgivable loans will not be tax-deductible. Cares Act and Payroll Protection Program Loan Expenses The Paycheck Protection […]
When a self-employed individual makes a company trip outside of the United States and the trip is 100% for the purpose of your profession, all of the ordinary and necessary company travel expenses are deductible. However, there are rules the IRS has as to what qualifies as ordinary or necessary travel expenses for company and personal travel.