Archives for Tax Return

Do You Qualify For An Unemployment Tax Refund?

  At the height of the pandemic-fueled “lockdown,” unemployment reached an unprecedented 14.4%. That equated to over 20 million people, some temporarily and others permanently, losing their jobs. The majority of whom applied for unemployment benefits. Though public health concerns still linger and various restrictions remain in place, most businesses that weathered the storm have returned to operation. And in turn, unemployment has dropped nationally to under 6% (though that figure hovers close to 8%
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How Do You Minimize Cryptocurrency Taxes?

Cryptocurrency, or crypto, as it’s often abbreviated, has gained increasing attention and legitimacy over the past decade. And in light of recent economic issues, interest in crypto is surging, a trend that is likely to continue. Crypto’s status as a financial instrument is not quite “as good as cash,” though it’s not far off. But no one is quite sure how to deal with crypto. Including the government. How The US Government Currently Taxes Cryptocurrency
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How Will President Biden’s Tax Plan Impact Your Personal Finances?

What was the biggest selling point in former President Trump’s reelection campaign? It can be summed up in two words… LOWER TAXES! In fact, Trump successfully positioned himself as the “no new taxes” alternative to Biden’s stanch “tax the rich” stance. And many of the 75+ million citizens that cast their votes for Trump did so because of a massive marketing campaign relentlessly flogging the imagine of Biden as a “tax mad government robber,” coming
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What is The FFCRA Credit?

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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What’s The Employee Retention Credit + Does Your Business Qualify?

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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Recovery Rebate Credit

  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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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

  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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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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What Are The Tax Consequences of Accepting Stimulus Funds?

  Could there be a light at the end of the tunnel? Well, the COVID-19 infection rate (and mortality total) in LA County is not as encouraging as one might hope. But overall, stats are improving. Setting aside, of course, the overall national death toll, which has crested 100,000 (and some predict may double before this crisis has completely dissipated). And as if the situation isn’t dire enough, already agitated citizens took to the streets
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