Can I Deduct Business Expenses Paid With a PPP Loan?
Can I Deduct Business Expenses Paid With a PPP Loan? The Paycheck Protection Program (PPP) was introduced in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under PPP, small businesses were given up to 24 weeks of cash flow assistance through federally guaranteed loans. In December 2020,…
100% Tax Write-Off for Your Super Bowl Party Right Now!
100% Tax Write-Off for Your Super Bowl Party Right Now! A completely tax-deductible Super Bowl party probably sounds too good to be true, but trust us, it’s 100% possible! Meal and entertainment tax deductions for small businesses can be confusing. Some meal and entertainment items are 100% deductible, some things are only…
Top 3 Tax Tips for Gig Economy Workers
Top 3 Tax Tips for Gig Economy Workers If you work for yourself, this is a must-read! The gig economy continues to grow with no signs of slowing down. In addition, companies like Uber and DoorDash have made it even easier for people to make money outside of traditional employment. However, those working…
3 Top Tips – Handling IRS $600 Venmo-CashApp Rule
3 Top Tips – Handling IRS $600 Venmo-CashApp Rule For most of us, $600 is not a life-changing amount of money. But, now, with IRS’s new rule – it could be. As of January 1st, 2022, if you receive more than $600 from payment apps such as Venmo, CashApp, or Zelle, it will…
Your IRS Tax Debt Has an Expiration Date – What You Need to Know
Your IRS Tax Debt Has an Expiration Date – What You Need to Know Did you know that the debt you owe the IRS has an expiration date? It’s true! The IRS only has ten years to collect the tax debt by law. After that time, they must stop their debt collection efforts….
6 Red Flags That Can Trigger an IRS Audit
6 Red Flags That Can Trigger an IRS Audit The thought of having their tax return audited by the IRS is a huge fear of many Americans. Realistically, the odds of being audited are pretty low. Still, have you ever wondered what causes some tax returns to be audited and not others? …
6 Secrets the IRS Doesn’t Want You To Know
6 Secrets the IRS Doesn’t Want You To Know If you or someone you know is currently facing IRS difficulties, you can find out how to get back on track with these insider secrets to tax relief. Learn how to get a leg up on back taxes and delinquent tax returns so that…
Will an Offer-In-Compromise for Payroll Taxes Include Personal Liability?
Can an Offer-In-Compromise for payroll taxes include your personal liability? This is our Morning Coffee Series, and we’re going to talk more about that today. Can you include personal liability for payroll taxes in your Offer-in-Compromise? The answer is YES! Trust Fund Recovery Penalty As a business owner, you must…
What happens if the IRS rejects my Offer-in-Compromise?
What happens if the IRS rejects my Offer-in-Compromise? Potential clients who have already filed Offers-In-Compromise often want to know what will happen if the IRS rejects their Offer-in-Compromise. This is our Morning Coffee Series, and we’ve got some information about that. What if IRS rejects an Offer-In-Compromise filing? The good news is…
How Long Can IRS Collect Tax Debt?
How Long Can IRS Collect Tax Debt? Potential clients often ask: How long can IRS collect this tax from me? This is our Morning Coffee Series, and we’re going to answer that question. How long can the IRS collect tax liability? Generally speaking, the IRS can collect tax for ten…