Smith & Feijoo Ltd. - 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.
SMITHFEIJOOLTD.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.
SMITHFEIJOOLTD.COM
Tax Consequences of Losing Your Job
Transform your life. Wednesday Wisdom from Smith & Feijoo Ltd.
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.
SMITHFEIJOOLTD.COM
Foreign Account Reporting Due October 15
If you're like most entrepreneurs, you probably cringe at the thought of starting a new business in the midst of a recession. In reality, these periods of downturn may actually be the ideal time to launch your new startup.
SMITHFEIJOOLTD.COM
Actually, a Recession is a Great Time to Launch That New Startup
Some Wednesday Wisdom from your friends at Chicago based Smith & Feijoo Ltd.
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.
SMITHFEIJOOLTD.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.
It's go time! Chicago based Smith & Feijoo Ltd. has some motivation for you today.
For those who love learning: here's a tax fact from Smith & Feijoo Ltd..
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.
SMITHFEIJOOLTD.COM
Gambling and Tax Gotchas
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.
SMITHFEIJOOLTD.COM
Is That Inheritance Taxable?
Wednesday Wisdom from your friends at Smith & Feijoo Ltd.
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.
SMITHFEIJOOLTD.COM
Don't Miss the Opportunity for a Spousal IRA
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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?
SMITHFEIJOOLTD.COM
What Happens if I Missed the October 15th Tax Extension Deadline?
Learn about taxes from your friends at Chicago based Smith & Feijoo Ltd..
Smith & Feijoo Ltd. 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.
Learn about taxes from your friends at Chicago based Smith & Feijoo Ltd..
Some Wednesday Wisdom from your friends at Chicago based Smith & Feijoo Ltd.
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.
SMITHFEIJOOLTD.COM
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.
SMITHFEIJOOLTD.COM
Preparing for 2021: Tax Planning Strategies for Small Business Owners
Talk about taking a risk! These people decided to open new restaurants during the pandemic. Here are their stories.
US.CNN.COM
The pandemic has devastated restaurants. These people are opening new ones anyway
It matters how you get there. Wednesday Wisdom from Smith & Feijoo Ltd.
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.
SMITHFEIJOOLTD.COM
Interaction between PPP Loans and the Employee Retention Credit
The SBA found "anomalies" in hundreds of thousands of small business relief loans, with errors including " inaccurate loan amounts or loans that were canceled before being disbursed."
NYTIMES.COM
S.B.A. finds ‘anomalies’ in hundreds of thousands of small business relief loans
Here's a look at the impact teleworking could have on taxes if it ends up being more of a fixture in the future of work rather than just a coronavirus trend.
FORBES.COM
Teleworking: A Fixture For The Future? A Look At The Impact On Tax
A little inspiration from Smith & Feijoo Ltd. to start your week.
