CPA Solutions PLLC has a fun tax fact to share with you.
Gambling income can affect your taxes in more ways than you might believe, including causing your Social Security income to be taxed, reducing your health care subsidies through government marketplaces, paying higher Medicare B & D premiums, having additional filing requirements, and limiting or reducing a number of tax deductions and credits.
CPASOL.COM
Gambling and Tax Gotchas
It matters how you get there. Wednesday Wisdom from CPA Solutions PLLC
President Trump said Tuesday "he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election."
CNBC.COM
Trump says he's calling off stimulus negotiations with Democrats 'until after the election'
You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. A living trust is an estate-planning tool that is customized to suit the special circumstances of the individual it was created for but does not provide any estate tax or income tax benefits.
CPASOL.COM
Is a Living Trust Appropriate for You?
CPA Solutions PLLC - Some Monday Motivation for our friends and colleagues.
First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?
CPASOL.COM
What Happens if I Missed the October 15th Tax Extension Deadline?
CPA Solutions PLLC has a fun tax fact to share with you.
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.
CPASOL.COM
12 Financial Metrics Small Business Owners Should Track
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.
CPASOL.COM
Don't Miss Out on Year-End Tax-Planning Opportunities
Here is some midweek Wednesday Wisdom inspiration from your friends at CPA Solutions PLLC
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.
CPASOL.COM
Are You Keeping Track of Your Investment Basis?
Tap into your full potential. Wednesday Wisdom from CPA Solutions PLLC
If you plan to start a new business, there are a number of decisions and possible elections you can make that will influence what form of business you select and how you decide to deduct costs. These choices can affect the tax outcome of your business for years to come.
CPASOL.COM
New Business? Tax Issues to Consider
An individual must have compensation in order to contribute to an IRA. However, a non-working or low-earning spouse is allowed to contribute to his or her own IRA based upon the compensation of the working spouse. Watch this video to learn more.
CPA Solutions PLLC - Some Monday Motivation for our friends and colleagues.
Here is a fun fact for your Friday from CPA Solutions PLLC.
The SBA U.S. Small Business Administration (SBA) has initiated a compliance program to evaluate the good-faith certification that borrowers made on their PPP Borrower Applications related to need for the loans due to economic uncertainty as a result of COVID-19. This program will apply to borrowers whose loans are $2 million or more.
CPASOL.COM
SBA Questioning PPP Borrowers with Loans Over $2 Million
End of week tax fact from CPA Solutions PLLC
Although day trading is neither illegal nor unethical, it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money or sustain the losses that day trading can bring. Satisfying the rules that permit special tax treatment for day traders is difficult.
CPASOL.COM
Day Trader Rules and Tax Treatment
Wednesday Wisdom from your friends at CPA Solutions PLLC
If you were a victim of a major natural disaster, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 has special rules about retirement plan and IRA distributions, retirement plan loans, how to compute disaster losses, and relief for non-itemizers. Employers may qualify for a new employee-retention credit.
CPASOL.COM
Tax Relief for Victims of 2020 Natural Disasters
Get ready for the week: CPA Solutions PLLC has motivation for your Monday.
Here are the business tax due dates for February 2021.
CPASOL.COM
February 2021 Business Due Dates
