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 […]
Tax Planning
IRS Guidance: PPP Loan Expenses Not Tax-Deductible
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 […]
Business and Personal Travel Rules, What Qualifies According to the IRS
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.
Start Off 2019 Tax Year Right!
Important Tips to Begin the 2019 Tax Year right! It’s a good feeling to start off the 2019 tax year on the right foot. It not only gets you in the grove for growing your business, but it also helps you resist bad habits that try to creep up during the year. Individuals and small […]
Who is Responsible for Massachusetts Tax Filing
Massachusetts tax filing applies for those who work in Massachusetts Did you work in Massachusetts last year? Massachusetts tax filing applies to you. Therefore, you must file a Massachusetts income tax return on all gross income $8000 or more. Income can be from a job you hold, interest earned on savings, social security, winnings from […]
7 Ways Small Business Owners Save Money On Taxes Legally
Everybody wants to save money on taxes legally. To lower the amount you pay in taxes is an especially important goal for small business owners. After all, to avoid paying every penny in taxes is a double victory: you avoid overpaying and add to your bottom line. Here we list seven tips to use to spot […]