Taxes

Should you Opt Out of the Advanced Child Tax Credit?

Should you Opt Out of the Advanced Child Tax Credit? Part of the American Rescue Plan Act (ARPA) that was passed in March allowed for an increased child tax credit for certain taxpayers and the choice to receive 50% of the child tax credit as a monthly payment starting in July 2021 and ending in […]

Stimulus Round 2!

What you Need to Know about the Second Round of Economic Impact Payments A new refundable recovery rebate credit for 2020 has been signed into law as part of the Consolidated Appropriations Act of 2021. These payments will be paid in advance to individuals by January 15, 2021 and are in addition to the direct […]

Avoid Scams, Get an IP PIN

Is your tax return secure? An IP PIN may help Starting in 2011, the IRS began offering taxpayers a way to protect their tax return from fraudulent electronic filing by issuing taxpayers an Identity Protection Personal Identification Number (IP PIN). The IP PIN is a six-digit number required to be included on a tax return […]

Guide: Deductions for the Self-Employed

Are you Self-Employed? Here’s what you can deduct. Almost every day, one of my clients will ask whether a certain expense is deductible for their business. In general, most expenses that are reasonable and necessary to the operation of your business will be deductible. Let’s take a look at some common expense categories that all […]

PPP Loan Tax Implications

PPP Loan and Taxes The CARES Act was passed on March 27, 2020 and introduced the Paycheck Protection Program. It allowed small businesses to receive a loan and use it over the following 8 weeks to pay approved expenses. If the loan was used for approved expenses, it would be forgiven, and the borrower would […]

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