In 2020, due to the economic hardships that small businesses suffered thanks to the COVID-19 pandemic, the Federal Government put a number of plans into place to provide support and relief. These bills created the Paycheck Protection Program, the Emergency Capital Investment Program, and Small Business Tax Credit Programs, among…
Small businesses have a number of advantages at tax time, namely tax credits and deductions. They are eligible to claim both, depending on the circumstances and the specific credit or deduction. The tricky part lies in knowing which ones to claim, as well as understanding the difference between the two….
Paying taxes is part of life for both individuals and businesses, regardless of size, scope, or tax bracket. Small business owners know that it’s crucial to file their company’s tax returns on time each year, accompanied by a check for the amount that they owe the IRS. The downside comes…
Reaching out to the IRS may seem like an intimidating endeavor, especially if you have not paid or filed your tax return this year – or in several years. However, if this is the case, the IRS actually does want to hear from you, no matter what the circumstances are….
Filing taxes is a complicated process, and every year, new laws and regulations make it even more difficult. In between the endless forms and going through a year’s worth of receipts, it is easy to see why tax season is one that most people avoid thinking about. Besides wanting to…
The Paycheck Protection Program, or PPP, was enacted last year by Congress and the Trump administration as a part of the Coronavirus Aid, Relief, and Economic Security or CARES Act. It was intended to cushion the blow of the COVID-19 pandemic by providing a way for small companies to continue…
Owing back taxes is something that tends to haunt you. You worry constantly about when the IRS will reach out and begin collection efforts, or you wonder when your payment plan will be accepted by them. If you work with a tax preparation professional, then you stay in frequent contact…
When someone, either an individual or a business, fails to submit a yearly tax return, the IRS uses the information that it has available to create one for them. After they do this, they’ll send out a proposed tax assessment, which includes the amount of money that they believe you…
Due to the COVID-19 pandemic, which sent many people into financial turmoil, the amount of tax debts that citizens owe to private collectors has soared. When the country shut down in March of 2020, many businesses furloughed or laid off their workers, leaving those employees reliant on unemployment. The businesses…
Do you spend part of your free time day trading? Or have you become so successful and well versed at day trading that it’s become your sole source of income? No matter which category you fall into, you need to make sure that you’re filing your taxes properly. Otherwise, you…
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