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https://www.smarttaxfinllc.com/blog/live-updates-the-latest-covid-19-news-for-taxpayers-and-small-business-owners/44417?fbclid=IwAR0woCcwfvDrfsfuMck5Bv7ls1_S3ICZZYYHAnxAPab1Wld9dP0gjk8E7Z0
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Live Updates: The Latest COVID-19 News for Taxpayers and Small Business Owners
Your Friday tax fact from Riverside based Smart Tax Financial LLC.
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.
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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.
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Tax Consequences of Losing Your Job
A little inspiration from Smart Tax Financial LLC. 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
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.
Get ready for the week: Smart Tax Financial LLC has motivation for your Monday.
Good news!
Yesterday, the Treasury Department made the forgiveness process easier and faster for Paycheck Protection Program (PPP) loans of $50,000 or less.
https://home.treasury.gov/news/press-releases/sm1148
HOME.TREASURY.GOV
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less | U.S. Department of the Treasury
Here's your tax fact of the week from your friends at Smart Tax Financial LLC.
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.
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Gambling and Tax Gotchas
It matters how you get there. Wednesday Wisdom from Smart Tax Financial LLC
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
A little inspiration from Smart Tax Financial LLC to start your week.
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?
Smart Tax Financial LLC - Some Friday tax knowledge for our friends and colleagues.
Transform your life. Wednesday Wisdom from Smart Tax Financial LLC
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important to resume savings as quickly as financially possible. Still others have simply been ignoring the need to save for their retirement, which can have an unpleasant result when it comes time to retire. Many tax-benefitting retirement options are available.
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Don't Fall Behind in Saving for Retirement
Small business owners: as we inch closer to the end of the year, it's a great time to be thinking about tax planning strategies for your business. Here are some ideas that can be beneficial at any time of year.
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Preparing for 2021: Tax Planning Strategies for Small Business Owners
It's go time! Riverside based Smart Tax Financial LLC has some motivation for you today.
We all have our favorite game shows such as Wheel of Fortune, The Price is Right, and Let's Make A Deal, and we love to have the contestants win big. Unfortunately, those winnings are taxable on the contestant's state and federal tax returns. See what can happen by watching this video.
Did you receive an IRS CP2000 notice (also known as an underreporter inquiry) in the mail? First step: Contact our office. Second step: Don't panic. We'll help you through the whole process.
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What Happens if I Receive an IRS CP2000 Notice?
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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Interaction between PPP Loans and the Employee Retention Credit
Here's some motivation for your Monday from Smart Tax Financial LLC
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.
Here's your tax fact of the week from your friends at Smart Tax Financial LLC.
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.
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Day Trader Rules and Tax Treatment
It matters how you get there. Wednesday Wisdom from Smart Tax Financial LLC
