Archives for Tax Credits

Earned Income Tax Credit

February 16, 2021 Categories: Deductions, Economy, Federal, Filing, IRS, Tax Credits, Tax Return, and Taxes.
Earned Income Tax Credit

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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Congress Passes $900 Billion COVID Relief Package

January 7, 2021 Categories: Business, Deductions, Economy, Federal, Filing, Health, Laws, News, Tax Credits, Tax Return, and Taxes.
Congress Passes $900 Billion COVID Relief Package

  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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The State of California Authorizes $500 Million in Small Business Aid

December 22, 2020 Categories: Economy, Federal, News, Tax Credits, and Taxes.
The State of California Authorizes $500 Million in Small Business Aid

  There’s certainly no disagreement that 2020 has been a real kick in the behind. And with renewed “lock-downs” and continued uncertainty over how the promised vaccine will be rolled out and what impact it will ultimately have, financial instability remains the current “norm.” The US Congress has just passed a $900 billion COVID aid package. The President has complained about the bill and is pushing for larger direct stimulus payments. The current package, which
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Will Businesses Who Took PPP Funds Be Hit With A Big Unexpected Tax Bill?

December 9, 2020 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, Tax Credits, Tax Return, and Taxes.
Will Businesses Who Took PPP Funds Be Hit With A Big Unexpected Tax Bill?

  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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CARES Act Stimulus Package Update

April 8, 2020 Categories: Business, Economy, Federal, IRS, Laws, News, Tax Credits, and Taxes.
CARES Act Stimulus Package Update

  I hope this update finds you, your family, friends, and loved ones healthy + safe. Navigating our new “stay at home” lives has no doubt been a challenge. But hopefully, you’re adapting. And on the “managing the coronavirus fallout” front, congress officially passed the CARES Act earlier this week. This $2 trillion economic stimulus package runs over 880 pages in length. And it’s positively packed with financial aid and economic relief programs for individuals
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More COVID-19 Financial News Updates, Aid Packages + Governmental Relief Programs

March 26, 2020 Categories: Business, Economy, Federal, Filing, Health, IRS, News, Tax Credits, Tax Return, and Taxes.
More COVID-19 Financial News Updates, Aid Packages + Governmental Relief Programs

I sincerely hope you and your family are remaining healthy and safe despite the coronavirus’s continued spread. The “new normal” — homeschooling your children, working from a laptop in the corner of your family room + only venturing out for a jog or quick trip the grocery store — is a BIG adjustment. But hopefully, you’re settling into a rhythm. In the meantime, as I predicted, the flood of new information surrounding the coronavirus crisis
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COVID-19 Tax + Financial Update

March 23, 2020 Categories: Business, Deductions, Economy, Federal, Filing, IRS, News, Tax Credits, Tax Return, and Taxes.
COVID-19 Tax + Financial Update

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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The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

February 26, 2020 Categories: Deductions, Federal, Health, IRS, Laws, News, Tax Credits, and Taxes.
The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

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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How to Take Advantage of Opportunity Zones

November 20, 2019 Categories: Business, Deductions, Education, Federal, IRS, Tax Credits, and Taxes.
How to Take Advantage of Opportunity Zones

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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Tax Payers First Act Brings Welcome Reforms to IRS Appeals Process

September 19, 2019 Categories: Audit, Deductions, Education, Federal, Filing, IRS, Laws, News, Tax Credits, and Tax Return.

Few things induce gut-churning panic faster than notice of an IRS audit. It’s a fear to which no taxpayer is immune. But thankfully, the recent passing of the Taxpayer First Act (TFA) is bringing some solace to taxpayers grappling with an IRS audit. Particularly for those appealing an audit. Internal Revenue Service Independent Office of Appeals To begin with, the TFA establishes the Internal Revenue Service Independent Office of Appeals. This new administrative body is
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