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2020 Last minute year-end tax savings strategies and news
As a friendly reminder, here are some simple last minute year-end tax savings strategies for you and your business. In addition, the CARES ACT and other recently passed legislation has significantly changed many tax laws and provided beneficial changes. On December 21, 2020, The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300...
Individual Economic Impact Payments
Individual Economic Impact Paymentshttps://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-knowEconomic impact payments will be automatic.Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who...
Paycheck Protection Programhttps://www.sba.gov/funding-programs/loans/coronavirus-relief-optionsSmall businesses may be eligible for a Paycheck Protection Program loan under the new federal legislation designed to provide small businesses quick access to capital for payroll and other overhead costs.It will require no collateral or personal guarantees.Generally the loan amount will be based on 2.5 times your average monthly payroll costs.You may be eligible to have all or a portion of the loan principal forgiven based on SBA rules.You won’t have to make payments on the...
Tax filing deadline extended as nation reels under coronavirus concerns.
JUST IN (3-20-2020): The U.S. is extending the deadline for filing taxes (for individuals) from April 15th to July 15th, per Treasury Secretary Steven Mnuchin.C-Corps and individuals may also defer the payment of income tax ordinarily due on April 15th, up to $1 million, for 90 days with no interest.
Simple last minute year-end tax savings strategies
If you’re like most small business owners in today’s faced paced world… you look up and find yourself having to do everything at the last minute with an ever growing list of things to do!!!Well we wanted to make your year-end tax planning simple and easy so that you can save valuable time and money. Here are some quick and simple last minute year-end tax savings strategies for you and your business.Cash basis business owners:Hold cash deposits to deposit...
Today, Treasury Secretary Steven Mnuchin and Chief Economic Advisor Gary Cohn outlined President Trump’s proposed tax changes. During the presentation, they summarized the president’s proposal to cut the number of income tax brackets to three, with respective rates of 35%, 25% and 10%.Other proposed changes include a corporate tax cut to 15%, elimination of many tax deductions, as well as a removal of the estate tax and alternative minimum tax (AMT). These proposed changes align closely with the president’s campaign plan.Though...
Guide to Financial Statement Services
Guide to Financial Statement Services - Compilation, Review & AuditAs a business owner, there may be many reasons you may need to have your financial statements prepared by an independent licensed Certified Public Accountant. Whether you are a contractor looking to get licensed in your state; or whether you need financial statements for your bank, lender, investors or bonding company – you might be wondering what all the different types of financial statements are and what are their differences....
Last minute year-end tax savings strategies
If you’re like the rest of us in today’s faced paced world… you look up and find yourself having to do everything at the last minute. Well here are some quick last minute year-end tax savings strategies for you and your business.Cash basis business owners:Hold deposits to deposit after the year flips to defer income recognitionPrepay expenses, vendors, retainers, etc to accelerate deductionsConsider using a credit card to pay deductible expenses before the end of the year. Doing so...
