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IRS Warns of New Wave of Stimulus Scams https://bit.ly/2MgZhgh

The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.

There is no shortage of details when it comes to taxes. To keep moving toward your long-term financial goals, follow these five tips for tax planning that will save you time and money. Five tax-planning tips that can save you time and money: 1. Keep detailed bookkeeping records 2. Have a copy of last year’s tax return(s)... 3. Make sure you have your EIN handy 4. Prepare and send quarterly estimated tax payments to the IRS on time 5. Hire a CPA to manage and prepare tax records See more

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The Consolidated Appropriations Act, 2021, which was passed late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit.

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Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.

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Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.

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Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.

The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.

If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.

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Learn about taxes from your friends at New York based Kadin CPA PLLC.