Despite the COVID-19 pandemic, students have gone back to school for the fall, either remotely, in-person, or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available for education. 1. Higher education […]
If you are getting close to retirement, you may wonder: are my Social Security benefits going to be taxed? If so, how much will I have to pay? This depends on your other income. If you are taxed, between 50% and 85% of your benefits could be taxed. This does not mean you pay 85% […]
When Congress authorized an additional $600 in monthly unemployment benefits as part of the CARES Act, out-of-work Americans were not the only ones it helped. Criminals have descended like locusts on state unemployment insurance agencies, using stolen identities to fraudulently claim both standard benefits and the additional funds administered by the Pandemic Unemployment Assistance (PUA) […]
As you may know, the tax filing deadline for 2019 tax returns was extended until next Wednesday, July 15, due to the COVID-19 pandemic. If you have already filed your 2019 tax return with the IRS successfully, there may still be some issues to bear in mind. Here are three considerations. Some tax records can […]
On June 15th, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company has not been able […]
The U.S. Small Business Administration (SBA) along with the U.S. Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP) this past Wednesday. The SBA also unveiled a new EZ application for forgiveness of PPP loans. These applications reflect changes made by the Paycheck Protection Flexibility Act of 2020 (Flexibility Act), which […]
The U.S. Treasury, along with the Small Business Administration (SBA), announced several updates to the Paycheck Protection Program (PPP) rules and guidance through the Paycheck Protection Program Flexibility Act (PPPFA) of 2020. According to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza, the PPPFA will help businesses by providing more time and flexibility to […]
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you are an employee who telecommutes, there are strict rules that govern whether you […]
Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. Moreover, while adapting to working from home, employees may have […]
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]