Market turbulence in 2020 may have wreaked havoc on your investment goals for the year. It probably also highlighted the importance of periodically reviewing your investment portfolio to determine whether adjustments are needed to keep it on track. Now is a good time to take on these five year-end investment tasks. 1. Evaluate Your Investment […]
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Is It Time to Think About Tax-Free Income?
Federal and state governments have spent extraordinary sums in response to the economic toll inflicted by the COVID-19 pandemic. At some point it is likely that governments will look for ways to increase revenue to compensate for this spending and increase income taxes as a result. That’s why it might be a good time to […]
Medicare Open Enrollment for 2021 Begins October 15, 2020
The annual Medicare Open Enrollment Period is the time during which Medicare beneficiaries can make new choices and pick plans that work best for them. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October […]
No PPP Loans Today, but You Can Still Get $150,000 from the SBA
Can your business use an infusion of cash to deal with losses caused by the COVID-19 epidemic? The hugely popular federal Payroll Protection Program (PPP) loan program that paid forgivable loans to millions of businesses ended on August 8 (although it could come back in revised form). But you can still obtain a low-interest Emergency […]
PPP Update: Two New Rules for Owners of S and C Corporations
The Payroll Protection Program (PPP) rules—they keep a-changin’. During the past month, the Small Business Administration (SBA) issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the Payroll Protection Program (PPP): More forgiveness. The $20,833 cap on corporate owner-employee compensation […]
Seven Things to Know Before You Take Out an EIDL
Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic. Unlike Payroll Protection Program (PPP) loans, EIDLs are not forgivable—borrowers have to pay them back. But they have a low 3.75 percent interest rate and a long […]
Working at Home? Don’t Overlook These Deductions
Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business. Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the […]
All About Limited Liability Companies (LLC’s)
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs […]
The Changing College Landscape
The 2020-2021 academic year is right around the corner, and the coronavirus pandemic has upended the college world, like everything else. Not only has COVID-19 impacted short-term college operations and student summer plans, but the virus could end up being the catalyst that changes the model of higher education in the long term. Here are […]
IRS Outlines Changes to Health-Care Spending Rules Under CARES Act
The amended rules under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provide flexibility for health-care spending related to the ongoing COVID-19 pandemic. 1 High-deductible health plans cover telehealth services Under the CARES Act, a high-deductible health plan (HDHP) can temporarily cover telehealth and other remote care services without a deductible, or with a deductible […]
