Harry C Hearn Inc. - Some Friday tax knowledge for our friends and colleagues.
No matter what the reason for your move may be, it's important to be aware of the implications for your taxes when you relocate to a new state. In this article, learn more about establishing residency, part-year tax returns, and more.
HARRYHEARNINC.COM
How to File Taxes After Moving to a New State
If you have lost your job, there are a number of tax issues that you may encounter. They include severance pay, unemployment compensation, health insurance, pension plans and possibly a home sale. How you deal with these issues can profoundly impact your taxes and finances.
HARRYHEARNINC.COM
Tax Consequences of Losing Your Job
A little inspiration from Harry C Hearn Inc.. Wednesday Wisdom
U.S. citizens and resident aliens with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts or securities) may need to report these relationships to the U.S. Treasury's Financial Crimes Enforcement Network or face severe penalties.
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Foreign Account Reporting Due October 15
Please help me with spreading the word. My friend is in need. Thank you, Harry.
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Sara's Family Fundraiser, organized by Mimi Khalili
Midweek Wednesday Wisdom from Harry C Hearn Inc.
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.
HARRYHEARNINC.COM
The SBA Issues a Simplified PPP Loan-Forgiveness Application
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.
Make your Monday great with this motivation from Harry C Hearn Inc.
Here is a fun fact for your Friday from Harry C Hearn Inc..
A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.
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Is That Inheritance Taxable?
Wednesday Wisdom and Harry C Hearn Inc. = Success
An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.
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Don't Miss the Opportunity for a Spousal IRA
Set yourself up for success with Monday Motivation from Harry C Hearn Inc.
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?
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What Happens if I Missed the October 15th Tax Extension Deadline?
Harry C Hearn Inc. has the motivation you need to get going this Monday.
The U.S. Small Business Administration (SBA) has initiated a compliance program to evaluate PPP borrowers whose loans are $2 million or more. Watch this video for more info on how your business can be better prepared.
Here's your tax fact of the week from your friends at Harry C Hearn Inc..
It matters how you get there. Wednesday Wisdom from Harry C Hearn Inc.
https://marylandtaxfairness.org/?utm_source=google&utm_medium=search&utm_campaign=traffic&gclid=CjwKCAiAnvj9BRA4EiwAuUMDf_I0_tL0-XUEDiBUgOpDywAW3lqyelHYxrlihuIl1AwDKCnGT25GmxoCmuwQAvD_BwE
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Marylanders for Tax Fairness
CORONABUS HAS PASSED!
CORONABUS has passed right before the pending shutdown and….
And there is a lot to cover:
-2nd round of PPP if your revenues have declined (3.5x monthly payroll for restaurants)
-Deductibility of PPP expenses
-New categories you can spend PPP and get forgiveness
-Massive grant program for live venues, theatres, museums, zoos to receive up to 45% annual revenue
-Improvements to EIDL grants
-Major improvements to tax credits
And so much more.
If you want us to provide a free analysis, our team has poured over the almost 6,000 pages (biggest in history by the way), we’ve set up a few times.
Schedule here: https://calendly.com/harryhearn
Even businesses who thought they were fully prepared in March/April missed a lot. Don’t make that mistake again.
So if you're ready to set up an action plan, do so here: https://calendly.com/harryhearn
Harry Hearn
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
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Employee Retention Credit Extended
Here is some midweek Wednesday Wisdom inspiration from your friends at Harry C Hearn Inc.
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.
HARRYHEARNINC.COM
Interaction between PPP Loans and the Employee Retention Credit
Harry C Hearn Inc. has the motivation you need to get going this Monday.
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. Watch this short video to see if the new rates will affect your business.
