There are only three weeks left to make something great happen with this year’s tax bill. If you are over 72, save the time you would have spent getting clothes together and boxing them and driving in the holiday traffic to a charity for the tax deduction (this can be done January 3rd), and instead [...]

Happy Thanksgiving! Source

With COVID at our heels again and Thanksgiving effectively canceled for many, it seems that a repeat of the first half of 2020 may be at hand.  The arrival of the vaccine should make it less scary soon, but we still need to dodge the virus and keep our businesses open between now and when [...]

First, let’s say upfront that a business that has sources of income and expenses and leaves 25% profit on the table is an awesome business!  Example: A Plumber makes $400,000 a year and spends $300,000 a year on plumbing tools, trucks, repairs, staff, insurances, etc., and walks away with $100,000 at the end of the year that he [...]

The Small Business Administration (SBA) issued guidance on October 8, 2020, allowing Paycheck Protection Program (PPP) loans of $50,000 or less to self-certify that they used the money appropriately and receive complete forgiveness, although borrowers will still have to provide things such as payroll provider reports.  Now employers can use a further simplified form and a “check [...]

COVID-19 has financially affected much more than it has infected, and our financial future as a country is tenuous as a result!  As Fall takes hold, there is still time to at least make one glass of lemonade from all the lemons, but people need to put time on their calendar in October to focus [...]

In a few months the U. S. will begin filing tax returns again, and at tax firms all over the country people will be making the “E-Trade” Shocked Baby Face (remember him?) when they see they are being charged penalties and interest for under paying their taxes due. Even if they made a 941 payment [...]

With fall in the air, it’s time to start thinking about things that need to be done to prepare for winter.  The garden harvests are rolling in, fresh vegetables are everywhere and it’s really, really great.  Time to fill up your oil tanks before the price change, and at least know where those snow tires are in [...]

We are nearing the October 15th filing deadline, so all the crying is almost over 2019 tax return submissions.   We blogged throughout the summer on various topics, but now you’re down to a few weeks to effectively do 90% of what can be done to affect your 2020 tax liability.  Only a few things can be done [...]

All around the country, there are people in an absolute panic because the real tax deadline for personal tax return extension filers is approaching and they are running out of time.  A few blogs ago, we talked about how to possibly deal with not being ready for the corporate deadline on September 15th .  We don’t have an amusing anecdote [...]