If You Took PPP Loans, It’s Time to Work on Getting them Forgiven…IT’S NOT AUTOMATIC!
by TaxDoctor on August 7, 2020 at 2:57 pm
Many business owners cheered as the news came out about the Paycheck Protection Program (PPP) loans. The money was not distributed perfectly, but for a “rush job” it was still done pretty well. Then, the money went out and we have witnessed the result, in that many businesses that had no customers for weeks and months are reopened and here to serve. If not for the PPP, many would not be! However, nobody can afford to let their guard down just yet, as they are loans that must be paid back in full to the SBA! That’s right. As of today, nothing is forgiven and we all owe PPP money back! That can change if you take action, but many
What Is Tax Planning?
by TaxDoctor on July 31, 2020 at 3:50 pm
We use the term “Tax Planning” often, but we are aware that many people are not sure what it really is. Some people think “That means off shore accounts and citizenship shell games ending with jail time. No thank you!”. That is not tax planning, that’s tax evasion, and it’s not at all what we recommend. Others think only the wealthy need a tax planner, and for regular folks it can mean paying a 30 year mortgage off 12 years early or having a college fund with enough in it to actually pay for college. Tax planning is not just for the wealthy, though. It can be a useful tool for anyone who is aware of the opportunities. Our tax
People Complain About Taxes, but Most Avoid Planning Better Outcomes!
by TaxDoctor on July 24, 2020 at 2:00 pm
It’s human nature, of course. We complain about our weight in the line at the ice-cream stand. We complain about being tired, then stay up late playing the latest game on our smart devices. Humans are funny and contradictory animals. Have you ever noticed that when you’re in a conversation, people are quick to complain about their taxes? Many people who complain about their tax bill are actually paying very little compared to most folks. However, some people pay a lot of unintended or surprise taxes. An example we see a great deal are self-employed folks. They will tell us “I pay too much in federal or state income taxes”, but on review of their 1040, they actually paid no
Moving to A New Home Is Done Better By Most Than Changing Accountants. Here’s Why!
by TaxDoctor on July 17, 2020 at 4:30 pm
Summer is a popular time for people planning a move to put their home on the market. It happens all year long of course, but the “hot season” is May-September. There are many reasons. School is out and if you have kids of that age it’s easier to change schools between grades. Often, it’s when summer vacation schedules come around and except for tourism many industries slow down and moving done well takes at least a week and two weekends. It’s easier to move without snow, so for some of the country that’s also a factor. There’s are many more reasons, but Summer is when a “wave” takes place. It’s hard work, stressful and a pain in the neck (and other
Tax Deductions for Working from Home Might Not Work the Way You Would Expect!
by TaxDoctor on July 10, 2020 at 2:15 pm
For the self-employed, home office deductions can be connected to the Schedule C that they include on their 1040, which reports income and expenses for the business. The home office deduction can be taken with two different calculation options. One is more complex to calculate and one simplified option is based only on the square footage of the room or area they work from. This group is not really affected by the Trump tax code changes. Before those tax code changes, W-2 employees who worked from home also had access to a similar deduction. Along with other expenses, such as work boots or uniforms purchased by the employee and not reimbursed by the employer, and others, and subject to a
Taxes Are Due In