Small Business

Does Your Business Qualify for the Research Tax Credit?

For businesses, the tax code provides a tax credit of up to 20% of qualified expenditures to encourage businesses to develop, design or improve products, processes, techniques, formulas or software and similar activities. In the past, this credit—called…

Couples and COVID-19: Here are 5 Ways to Work Together During the Pandemic to Protect Your Finances

The coronavirus pandemic has changed our lives in many ways, and whether you’re thinking about the physical and social aspects or the financial aspects, there is no clear end in sight. The American economy has fallen to a dramatic degree,…

Tax Effects of a Business Making a Charitable Contribution

Charitable contributions are generally allowed as part of an individual’s itemized deductions on his or her income tax return, while a business expense deduction generally isn't allowable for a contribution made to a charitable organization. However,…
Tax Due Dates

June 2020 Individual Due Dates

June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2019. The FMV of an IRA on the…
Small Business
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Tips to Keep Your Business Afloat During COVID-19

COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic…
School Children

Big Tax Break for Adoptive Parents

If you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income tax credit. The amount of the credit is based on the expenses incurred that are directly related to the adoption of a child under the age…
Capital Building

New $3 Trillion Coronavirus Relief Bill Proposed by House Democrats

As the coronavirus continues to lay waste to the American economy, legislators are hoping to provide additional relief and to shore up the country’s healthcare system. To that end, Democrats in the House of Representatives have proposed a…
US Currency

Your PPP Loan Forgiveness Will Probably be Less Than Anticipated

Now that you have gotten a Paycheck Protection Program loan (PPPL), it is time to start planning how to spend the loan proceeds so some portion of the loan will be forgiven. As the loan title implies, the purpose of the loans is to enable…
Hand Drawing Money
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Delaying Payment of Old Tax Bills Is A Big Mistake

You know that long list of ways that the coronavirus has affected our lives? Well, here’s another one. The Internal Revenue Service has completely flipped a switch on its priorities, and it is not even looking at paper tax returns that are…