Blog categorized as Tax Tips

People often dream of quitting their jobs and going into business for themselves so that they can pursue a passion and work without a boss. Self-employment can be a rewarding career decision, but it can lead to higher taxes and tax returns that are more complex that what you initially b...

Last tax season was a doozy for those of us in the tax industry.  Covid took the wind out of our sails and left us coasting in uncharted waters for months as we deciphered what the new federal programs and acronyms like EIDL and PPP and ERC meant.  For the most part, it was a challenge tha...

This year has been a doozy for business owners and, with the end of it just around the corner the last thing you likely want to do is take a walk down memory lane through it's challenges.  But that's exactly what I'm asking you to do as you read this article, so please sit back (hopefully with ...

When lawmakers originally passed the PPP they thought that under its provisions

• you did not pay taxes on the forgiveness amount, and
• you also could deduct the expenses that you paid with the PPP money.

Obstacle

In late April, the IRS issued Notice 2020-32, which asserts that PPP loan recipients may not ...