Monday, January 23, the tax season is expected to officially begin. As you prepare to file your taxes, keep an eye out for two letters from the IRS: Letter 6419 and Letter 6475. What are the letters 6475 and 6419? These letters are not a cause for concern. However, they are important for your tax […]
As of Monday, January 24, the tax season officially began. As you prepare to file your taxes, keep an eye out for two letters from the IRS: Letter 6419 and Letter 6475. These letters are not cause for concern but they are important for your tax filing, so make sure you hold on to them. […]
In order to fund his American Families Plan proposal, Biden has reiterated his desire to increase capital gains and dividends tax rates. With a proposed federal tax rate of 39.6% combined with average state taxes and a 3.8% net investment income tax, the wealthiest in the nation with more than $1 million in adjusted gross […]
The IRS recently extended the tax filing deadline for individuals. These extensions will make filing taxes easier for individuals, and if you’re eligible you’ll have a little extra breathing room to finalize your taxes. Although there are extensions in the tax deadline for some taxpayers, other taxpayers won’t qualify. Here’s what the extended tax deadline […]
After months of negotiation and deliberation, Congress finally passed an updated stimulus bill passed last week. This bill will bring relief to millions of people and small businesses in the form of economic relief and direct cash payments. It’s an important boost that will immediately benefit city, local, and state economies. Although millions will directly […]
Congress approved another round of coronavirus relief, meaning additional Paycheck Protection Program funding and updates regarding covered uses of PPP funds. Learn more about how this could affect your business. Additional $284 Billion for PPP Applicants After months of discussion and negotiation, Congress recently approved a $900 billion COVID-19 relief package under the Consolidated Appropriations […]
Joe Biden’s tax plan will inevitably go through some changes in its path through the legislative process until it actually takes effect. Still, we can get a sense of Biden’s priorities by imagining what the tax plan would look like according to the tax policy proposals the Biden-Harris campaign has released. Biden’s tax plan affects […]
The COVID-19 recession has arrived. These steps will show small businesses how to outlast the economic downturn and become strong examples of a recession-proof business model. If the Great Recession is anything to go by, this global pandemic spells real trouble for small businesses in America. Early reports indicate that COVID-19 stands to have an […]
The economic impacts of the COVID-19 pandemic continue to affect small businesses across the country. While the CARES Act helped revitalize local economies in nearly every state, there is an overwhelming demand for even more grants and loans for small business owners. Loans such as the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection […]
When Congress passed the CARES Act (Coronavirus Relief, Aid, and Economic Security), it signaled a landmark piece of legislation that provides over $2 trillion in aid in response to COVID-19. The CARES Act allows businesses and individuals to receive stimulus in the forms of tax incentives, credits, deductions, and recovery rebates. What is a Recovery Rebate? Recovery […]
