Loan Forgiveness Under the Paycheck Protection Plan
If the loan proceeds are used as specified, business owners may apply to have the loan forgiven. Here’s what you need to know about loan forgiveness under the PPP.
Important Federal Tax Deadline Change
The deadline for filing federal tax returns, as well as the tax payment deadline, has been extended from April 15 to July 15 due to the disruption caused by the coronavirus pandemic. Don’t hesitate to call with any questions or concerns.
It’s Not Too Late to Make an IRA Contribution
Generally, you can contribute up to $6,000 of your earnings for the tax year 2019 (up to $7,000 if you are age 50 or older in 2019). You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.
What’s New for the 2020 Tax Filing Season
While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of.
What Business Owners Need to Know about 2019 Tax Changes
The 2019 Tax Changes include standard mileage rates, health care tax credit, Section 179 Expensing and Depreciation, Work Opportunity Tax Credit and IRA Contributions. Read more about the specifics here.
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