Vaccinated? Claim Tax Credits for Your Employees and Yourself
As the nation suffers from the ravages of the highly contagious COVID-19 Delta variant, the federal government desperately wants all American workers and their families to get vaccinated. Further, more and more employers are implementing vaccine mandates—a trend that is likely to grow after the FDA gives final approval to the COVID-19 vaccines. COVID-19 vaccine […]
Loophole: Harvest Tax Losses on Bitcoin and Other Cryptocurrency
Here’s something to know about cryptocurrencies. Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency holding for a loss and acquire the same cryptocurrency before or after the loss sale. You just have a garden-variety short-term or long-term capital loss, depending on your […]
Is Your Travel Day Personal or a Tax-Deductible Business Day?
When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? The rules also affect your costs during the day. When you have an overnight business travel day, you generally deduct your costs of sustaining life for […]
Benefit Big from the Work Opportunity Tax Credit
The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollar-for-dollar tax saver is one to know about. Suppose your business hires a member of a targeted group. In that case, […]
Self-Employed During the Pandemic? Lawmakers Did Not Forget You
Usually, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. For example, you generally do not receive benefits that employees get, such as unemployment and paid sick leave. But this time it’s different. Because of the COVID-19 pandemic, you may qualify for the following seven benefits: 1. […]
PPP Extended—Act Fast or Miss Out
This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies. A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase “when the money runs out,” and be forewarned that this can […]
COVID-19 Tax Relief Measures
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020. Below are insights into some of the changes. Borrow $100,000 from Your IRA and Pay It Back within […]
Who Qualifies for First-Draw PPP Money Today?
Two things to know about the Paycheck Protection Program (PPP) first draw enacted on December 27, 2020: The first draw is for those who missed getting in on the original PPP, which expired on August 8, 2020. Don’t think of a PPP draw as a loan. It’s not a loan. It’s a cash infusion. If […]
