Category: You Need to Know This

Tax FAQ for Tax Year 2020

Q: When are my taxes due? A: May 17, 2021 is the due date for individual tax returns – Form 1040 – and making 2020 income tax payments. But there are other due dates you may need to know too: April 15: 1st estimated tax payment for 2021 April 15: income tax return for C corporations Q: Is...

Read More
How Freelancers, 1099 Workers, and Self-Employed Can Deduct 20% of Business Income

Did you know that you can deduct 20% of your business income on your personal tax return? You can, thanks to the Tax Cut and Jobs Act (TCJA). The TCJA brought a lot of tax changes for small business owners. And if you're self-employed, a freelancer, contractor, or had any 1099 income - even from...

Read More
Help! I Got IRS Notice CP-2000

How to handle tax notices from the IRS You just got a letter from the IRS. Your first reaction may involve panic… and that can lead to not dealing with the letter at all. Avoiding that IRS notice could end up costing you a lot of money. So take a breath, grab the letter, and...

Read More
How to Right-Size Your Mortgage

If you’re thinking about buying a house, you’re probably looking at mortgage rates. And that’s helpful… but it’s only one tiny piece of your home/mortgage puzzle. The most important number here is the right amount to borrow. Lenders want you to borrow as much as possible, encouraging you to buy the maximum house their willing...

Read More
Don’t Apply for PPP Loan Forgiveness…YET

Don’t Apply for PPP Loan Forgiveness…YET

If you’re ready to apply for PPP (Paycheck Protection Program) loan forgiveness, WAIT.

As it stands right now, getting forgiveness for your loan could end up costing you more money in taxes. And unlike the super low-interest loan that can be paid back over time, the tax bill will be due in one big lump sum.

Read More
5 Reasons to Avoid Reverse Mortgages – Especially If You Need the Money

Please Note: This article contains affiliate links. If you click on those links, I may receive compensation.  If you're a senior who’s feeling financially insecure, you may be considering a reverse mortgage. But please don’t. Reverse mortgages sound like easy money. Instead of paying rent or mortgage, you get monthly payments for your house without...

Read More
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram