3 Big Tax Changes You Need To Know For Tax Year 2020

3 Big Tax Changes You Need to Know for Tax Year 2020

Please Note: This article may contain affiliate links. If you click on those links, I may receive compensation.   The last you want to be thinking about now is next year’s tax return. This year has been chaotic, frightening, confusing, stressful, and mostly exhausting. So piling on the thought of taxes sounds… taxing. But this is exactly the time to think about it, because you can still make changes that will affect your 2020 tax bill – the one you’ll file in 2021. There have been so many changes that it’s hard for even CPAs to keep up. But those changes…

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Get Ready For Smaller Paychecks Starting January 1

Get Ready for Smaller Paychecks Starting January 1

The Payroll Tax “Holiday” Comes Due Next Year You’re may be getting bigger paychecks now that the President’s “payroll tax holiday” has started. If you are, you need to prepare yourself for a big drop in pay starting on January 1, 2021. That’s because the payroll tax holiday is really just a delay. You still owe the taxes – you just don’t have to pay them right now. And to make up for the tax you’re skipping for the rest of 2020, your employer will take out double taxes for the first few months next year. What Are Payroll Taxes?…

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Clearing Up PPP Loan Confusion

Clearing Up PPP Loan Confusion

How to use the money for maximum loan forgiveness Updated September 2020 PPP (Payroll Protection Program) loan confusion has hit hard. Small business owners and self-employed people are scared to use the money the wrong way – but the rules have not been communicated clearly. That’s partly because new “interpretations” keep coming out, and partly because the rules were unclear when the loans first hit the streets (and still kind of are). Here’s the deal: You can ONLY use PPP loan proceeds to pay: Employees through payrollRentMortgage interestUtilities That’s it. You can’t pay contractors. You can’t pay back other loans…

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Missed Out On Small Business Money? More Is Coming.

Missed Out on Small Business Money? More Is Coming.

Be ready for the second round of small business money. UPDATED The $350 billion Paycheck Protection Program (PPP) is out of money… but millions of small businesses didn’t see a dime. Congress continues to fight over details, but it seems like they’re going to authorize another round of funding for small businesses and self-employed people. It’s impossible to predict the when and how, or whether the new program will have the same name and requirements. But I am 100% confident in predicting that: This money is going to fly out the door just as fast as the first round did.…

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$1,200: Everything You Need To Know About Your Stimulus Check

$1,200: Everything You Need to Know About Your Stimulus Check

You have questions about the government stimulus checks. Here are the answers you can trust. Who gets a payment? Every adult with a Social Security number who earns no more than the income caps (those in a second) will get an automatic $1,200 payment from the IRS. The income limits are based on your adjusted gross income from your 2019 tax return, or your 2018 return if you didn’t file 2019 yet. Once you reach the lower limit, your stimulus payment will begin to shrink until it hits zero if you earn more than the upper income limit. The full…

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