If you, or someone you know, are headed to college, be sure to familiarize yourself with FAFSA – Free Application for Student Aid. Regardless of your family’s income, everyone should complete the form, and the sooner, the better, according to financial advisors and college admission officials. The application became available Oct. 1 for the 2021-2022[…]
Federal tax rates went down with the Tax Cuts and Jobs Act of 2017, but those cuts are already set to expire in 2025. And there is broad support among Democrats for repealing tax cuts before their expiration. Let’s face it. There is a strong likelihood that your tax rates will be going up. Most of[…]
Deductibility of expenses used to qualify for PPP loan forgiveness
By diamondcpas Business Taxes Oct 11, 2020
Many business owners who faced enormous stresses during the COVID-19 pandemic took a forgivable loan under the federal Paycheck Protection Program to help them meet their business expenses. Now, as they plan for their 2020 income tax returns, they are faced with decisions on whether to deduct those expenses, even if they haven’t yet applied[…]
Unfortunately, far too many business owners blow through their budgets, spending more on everything from office space to technology and marketing. If that sounds like you, there are ways to reign in your expenses and help your business gain more financially sound footing. Here are some tips to help guide you: – Among the largest[…]
How to be prepared if your business falls victim to a crime
By diamondcpas Best Practices Sep 16, 2020
Businesses of all types and sizes are facing many threats during this unusual year. From the COVID-19 pandemic to street protests over police brutality and racism, business owners must be mindful of a variety of potential risks. While most business owners take numerous precautions to ensure their property is protected, burglaries and vandalism can still[…]
If you’re among the nearly 60 million fantasy sports players in the U.S. and Canada, it’s important to understand the tax implications of both your winnings and losses. Whether you’re creating your fantasy team through DraftKing, Yahoo!, ESPN or any of the other platforms, fantasy sports earnings must be reported to the IRS, just as[…]
Relief may be available for those struggling to pay monthly bills
By diamondcpas Personal Taxes Aug 19, 2020
Millions of Americans are still struggling to meet their monthly bills, as the COVID-19 pandemic continues to wreak havoc on the economy. While the CARES Act, signed in March, provided some relief, many of its provisions have expired. Although it’s unclear whether some of the law’s supports, such as eviction protection, forbidding utility shutoffs and[…]
Anyone who already took a required minimum distribution (RMD) this year from certain retirement accounts now has more time to roll that money back into the savings plan, according to the Internal Revenue Service, which recently announced that the CARES Act RMD waiver has been extended until August 31, 2020. “The 60-day rollover period for[…]
The global COVID-19 pandemic has not only killed hundreds of thousands of individuals and sickened countless others, it has also spawned a host of scams, with criminals hoping to capitalize on people’s fears and the uncertain economic times. The Internal Revenue Service is cautioning taxpayers to be alert to fraud attempts and other financial scams[…]
[Guest Post] Working From Home: Understanding Home Office Deductions
By Kevin Means of Sapient Investments Personal Taxes Jul 17, 2020
Republished with permission. If the pandemic completely changed what a day at work looks like for you, you’re not alone. 20 percent of working adults have transitioned to remote work due to COVID-19.1 Adapting to this new workspace isn’t easy, particularly with many companies forced to cut pay in order to preserve non-essential employees. And this[…]