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Paycheck Protection Program (PPP) Loans. Retroactive to the effective date of the CARES Act, PPP loans that are forgiven will be treated as tax-exempt...
You have four ways to exit your business. The more you know about each, the more likely you will choose the one that’s best for you.
Social Security benefits that may be taxable include monthly retirement, survivor, and disability benefits. Supplemental Security Income (SSI) payments are not taxable. Generally, you pay...
Many taxpayers opt for the standard deduction because it is easier. But sometimes itemizing your deductions is the better choice – often resulting in...
Thanks to the passage of the Tax Cuts and Jobs Act (TCJA) last year, there's a new tax benefit for employers: the employer credit...
If you invest in rental real estate or are considering it, the IRS has provided guidance to those seeking to take advantage of the new Section 199A “pass-through” deduction.
There are several different ownership structures that can be used for family vacation homes, including a corporation, trust, tenants in common and limited liability company.
The largest physical asset for many businesses is real estate, the buildings and land they sit on. Consider setting up separate ownership of the business and real estate to shield these assets from claims by creditors if the company ever files for bankruptcy.
More important, the law establishes a generous new deduction that will slash taxable income from pass-through entities. Beginning in 2018, the qualified business income (QBI) deduction generally allows taxpayers to deduct 20 percent of QBI (not salary) from a pass-through entity. Combined with the lower top tax rate on ordinary income, the deduction translates to a 29.6 percent top rate on pass-through income.
Failure to collect accounts receivable in a timely manner can lead to myriad financial problems for your company, including poor cash flow and the inability to pay your bills.
One of the most serious risks a company faces is a business interruption that makes it difficult or impossible to continue to provide products or services.
Norman Grill tells you some things you need to think about before you cross that state line.
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