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...

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CARES ACT Resources for Impacted Small Businesses – Federally Guaranteed Forgivable Loans – Paycheck Protection Program

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...

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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...

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Trump’s Proposed Tax Changes

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...

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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....

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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...

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Using real estate to build wealth

How Trump used the Tax Code to build wealth and How You Should TooDid you know that real estate is the only investment in the US that can be expensed? You can’t expense the purchase of stocks, bonds, or investments, however, you can expense your investment in real estate; and often times… do most of that expensing upfront. Note in the article, how The New York Times mentions how Trump used cost segregation to generate non-cash Federal tax losses.Real Estate is also...

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