Many companies have had to reduce expenses to retain employees during the pandemic. To save money, some companies paused matching contributions to employee 401(k) plans. If this happened to your 401(k), do not panic. Keep with your existing retirement strategy and consider the following options. DONT STOP If your job feels secure and youre still … Read more
In the last year there have been numerous changes in tax legislation with the most recent, Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law by the current administration. However, some of these major laws are only temporary and will soon expire, except for provisions that have been extended. All the ups and … Read more
Although 2020 is drawing to a close, theres still time to maximize your tax deductions and credits to lower your tax bill. GIVE A GIFT Typically, you can only deduct your charitable contributions if you itemize deductions on Schedule A. But the CARES Act allows non-itemizers to deduct up to $300 in cash donations to … Read more
In May 2020, the Internal Revenue Service (IRS) issued Notice 2020-32 stating all taxpayers who received a Payroll Protection Program (PPP) loan are not permitted to deduct eligible expenses, which are normally deductible, to the extent that the payment of those expenses resulted in the forgiveness of their PPP loan. The eligible expenses allowed in … Read more
Last year, $16.9 billion was lost as a result of identity fraud according to the 2020 Identity Fraud Study from research and advisory firm Javelin. In the first half of 2020 alone, 571,188 identity theft reports were made to the Federal Trade Commission. You may have heard the many commercials for identity theft protection. Last … Read more
Section 1031 exchanges, also called like-kind exchanges, have been around nearly a century. They involve swapping one property for another and if structured correctly, can let you defer tax on any gain. REAL PROPERTY The 2017 Tax Cuts and Jobs Act limited 1031 exchanges to real property used in business or held for investment. However, … Read more
MARRIAGE AND COHABITATION According to the Pew Research Center, the number of adults who have ever lived with a partner, but didnt get married, has surpassed the number of adults who have ever been married, 59% to 50%. Although 58% of married couples claim to be satisfied with the marriage, only 41% of cohabitators feel … Read more
Sales tax nexus is the connection that exists between a states taxing authority and a seller that requires the seller to register and collect and pay sales tax. For example, having an office, remote employees, affiliates or subsidiaries in a particular state will create nexus. But other specified business activities will trigger nexus with the … Read more
It has been a whirlwind of a year. With the pandemic came financial instability for many individuals and businesses alike. Although we have all felt the impact at some point, not-for-profit organizations have been hit harder than others. Charitable contributions by individuals have been on the decline causing not-for-profits, who support our youth programs; abused … Read more
Introduction: Many small business owners and real estate investors join forces with other like-minded individuals to purchase real estate. However, over time the goals of each individual may diverge from the group, especially when it comes time to sell the property. One person may want to cash out, while others want to continue with a … Read more