Sadly but certainly, countless small businesses have been whacked HARD by the COVID-19 pandemic. And nowhere has this hardship been more onerous for small business owners than when it comes to managing employees. Whether an employee fell ill with COVID, had a spouse or family member fall ill, or was forced to stay home due to a school or nursing care facility closure — the working question is either not on the job or far
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As Main Street attempts to shake off the pandemic’s lingering financial malaise, most employers are struggling to keep their normal staffing complement employed full-time. And while spending and growth numbers are surging, it’s hard to know how much of this upswing is artificially inflated, spurred by stimulus funding and other government intervention. In addition, many businesses are still lagging in terms of patronage and earnings. And if you’re a business owner in this boat, pandemic
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For a lot of folks out there, 2020 was an abysmal year financially speaking. Which, for most, means the more deductions, credits, and rebates you can scrap together — to either minimize the taxes owe or pump up your tax refund — the better. One such credit you might not be aware of is the Recovery Rebate Credit. If you’re not familiar, here are more details on how the credit works and who qualifies…
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For many, 2020 proved to be a “lost year.” Especially financially speaking. Employment income among wage-earners was down almost universally. And those in the middle and lower-income brackets were among the hardest hit. That said, there’s a built-in tax credit that specifically addresses folks in this position. It’s called the Earned Income Tax Credit (EITC). And the EITC could result in a very tidy tax refund for those who qualify. In fact, your refund could
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First off, Happy New Year! I hope you all enjoyed a happy, and most importantly, healthy holiday season. Secondly, it’s a brand new year… But we’re still facing many of the same problems. Particularly in California. Govern Newsom has extended the current lockdown order “indefinitely.” Which has forced many businesses to shutter or further curtain operations. Of course, this is bad news for a whole lot of people, business owners and employees alike. And
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Given the complete financial and economic bedlam 2020 has unleashed, the Payroll Protection Program (PPP) has been an absolute Godsend from countless small businesses AND their employees. But that said, the program has not come without its share of confusion, and in some cases, consequences. And one of the biggest concerns for many businesses as we coast into the end of the fiscal + calendar year is whether or not PPP funded expenses can
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At the moment, we find ourselves on some pretty shaky ground. And in response, I want to offer my best wishes to everyone out there reeling in the fallout from the COVID-19 pandemic. I sincerely hope you, your family, friends, and assorted loved ones are all healthy and safe. As we enter this truly unprecedented time in modern history, we’re all feeling unsure (and likely a bit nervous) about what may come. But the reality
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Squeezed in just under the wire late last December, alongside the annual government spending bill, The Tax Consolidation Act of 2020 further chips away at Obama Care tax consequences, offers some new tax-savings, and includes extensions on several money-saving tax deductions. More Obama Care Repeals Three key tenets of the Affordable Care Act (ACA — AKA “Obama Care”) were repealed in the Tax Consolidation Act, including: The “Healthcare Tax” has been nixed (California, however, has
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WOW! Somehow, 2019 totally flooooooooooooooooooown by!? Not sure where the time went? But with the fiscal year-end quickly approach, it’s the time to start thinking about your taxes. And it’s especially important to evaluate your tax situation NOW! Because there are several tax-sheltering measures you can take before December 31st. Measures with the potential to lop a sizable sum off of your 2019 tax bill. And toward that end, here are 10 tax-savings tips… 1.
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When it comes to real estate investing, what single factor takes the biggest bite out of your profit margin? Capital gains taxes. You can expect to lose up to 20% of your returns to Capital Gains when it’s time cash out an investment simply as a matter of course. And if you’re like most investors, this “cost of doing business” is a bitter pill after working tirelessly to amass investment funds, only to have the
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