Cash payments and tax relief for individuals in new law
A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an […]
The new COVID-19 law provides businesses with more relief
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
Why you should keep life insurance out of your estate
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance will be included in your […]
The 2019 gift tax return deadline is coming up
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file […]
What You Should Know About Business Partnerships
Partnerships may seem like a good idea when you start a business. Most of the time they work well. As in love as well as in business, you need to find a partner who is compatible because there are constant challenges and when communications between partners is strained it will make any situation worse. The […]
How business owners may be able to reduce tax by using an S corporation
Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics The self-employment tax is imposed on 92.35% of […]
The Secrets of Making Certain the Business is the Right One for You
How do you know if you have started the right type of business for you and that you will remain committed to it in the long-term? It’s kind of like choosing a donut. If all you really want to eat is a simple glazed donut, would you be happy with a frosted donut covered with […]
Answers to your questions about 2020 individual tax limits
Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020. […]
The No. 1 Goal for All Business Owners – Form a Healthy Habit to Create Momentum
Small business owners usually have a wide range of business goals at the beginning of the year. From my experience, I believe that the No. 1 business goal for any business owner is to create proper habits. It doesn’t need to be (nor should it be) multiple habits that you want to form on January […]
New rules will soon require employers to annually disclose retirement income to employees
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the […]
