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I am not English but this can be said with many cultures.
God and Country
June 20 at 12:57 PM ·
Blame game..
If you are considering borrowing funds to finance your or a family member's education, you may be able to deduct the loan interest, up to a maximum of $2,500 per year, if the loan is a qualified student loan. Many perceive that qualified student loans are limited to government student loans, which is not true.
MYTRIVALLEYTAX.COM
What You Need to Know about Student Loan Interest
"You can't grow your business alone. You need a team." Could a small business partner be just what you're missing?
SMALLBIZTRENDS.COM
Why Partnerships are Great for Growing Your Business
Wednesday Wisdom
Video: The following are some of the more frequently encountered tax issues for recently married couples. Learn more.
According to the American Institute of CPAs, 45% of workers don't know this vital piece of information regarding their taxes.
FOOL.COM
45% of Americans Are Missing This Important Tax Information | The Motley Fool
Midweek Wednesday Wisdom from Tri-Valley Tax & Financial Services Inc
The economic impact payments are a credit on your 2020 tax return. However, Congress mandated that the payments be made in advance, based on the prior year's tax return information, to provide financial assistance to individuals and families struggling during the initial outbreak of COVID-19. Needless to say, this created confusion as to who qualified for the payments, leading to errors and omissions.
MYTRIVALLEYTAX.COM
Didn't Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.
The 7(a) loan program is the SBA's primary method of assisting small businesses in the U.S. Here's a full breakdown the different types of 7(a) loans and how you can qualify for one.
THEBALANCESMB.COM
What Is an SBA 7(a) Loan?
Set yourself up for success with Monday Motivation from Tri-Valley Tax & Financial Services Inc
Americans are starting new businesses at a record pace, surpassing the figure from 2019's total by mid-October of this year.
SMALLBIZTRENDS.COM
Americans Starting New Businesses at Record Pace - Small Business Trends
This is our annual reminder for you to file worker 1099s if you use workers other than employees to perform services for your business.
MYTRIVALLEYTAX.COM
Video: Annual Reminder to File Your Worker 1099s
Congress has reached an agreement on an emergency coronavirus relief bill which provides additional stimulus payments, extends unemployment benefits and provides another round of forgivable PPP Loans for small businesses.
MYTRIVALLEYTAX.COM
Help Is on the Way - Emergency Coronavirus Relief Agreement Reached
High-income non-filers, be warned - this quote recently came from the IRS: "Our pursuit of these high-income non-filers provides an important service and shows respect to the majority of Americans who pay their taxes."
FORBES.COM
IRS Doubles Down On Pursuing High-Income Non-Filers
Make your Monday great with this motivation from Tri-Valley Tax & Financial Services Inc
This is our annual reminder for you to file worker 1099s if you use workers other than employees to perform services for your business. Furthermore, there are some significant changes that you should know about this year.
Heads up, businesses: BrightLocal's 2020 Local Consumer Review Survey has been released, and it's got great insights to explore.
BRIGHTLOCAL.COM
Local Consumer Review Survey: How Customer Reviews Affect Behavior
The pandemic is forcing older workers to retire early. For those who have lost their jobs this year, "the state of the labor market makes it harder to get rehired as the economy recovers."
US.CNN.COM
The pandemic is forcing older workers to retire early
We all know the year 2020 presented the world with a number of challenges in the entrepreneurial space. The following are the 15 things to avoid as an entrepreneur in the year 2021.
ENTREPRENEUR.COM
15 Things Not to Do as an Entrepreneur in 2021
A holiday gift for millions of Americans with high healthcare costs, especially seniors: new legislation permanently lowers the threshold for claiming the medical expense deduction to 7.5%.
FORBES.COM
Medical Expense Deduction Tax Relief Is Big Win For Seniors In Year-End Spending Package
Here are the January 2021 Business Tax Due Dates...
MYTRIVALLEYTAX.COM
January 2021 Business Due Dates
Here are the January 2021 Individual Tax Due Dates...
MYTRIVALLEYTAX.COM
January 2021 Individual Due Dates
According to a recent survey, about 8% of employers cut 401(k) contributions during the Covid pandemic, and another 1% are considering doing so.
CNBC.COM
Nearly 46,000 businesses slashed 401(k) contributions during pandemic
At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? The answer will be critical come tax time. Link via
MONEY.YAHOO.COM
IRS is ‘setting the trap’ for bitcoin and virtual currency investors on 2020 tax form
Off stats - New Year's Eve parties may be out this year, but if your festivities still include popping a bottle of bubbly, the champagne you toast with will be taxed. Learn how much via
TAXFOUNDATION.ORG
New Year's Eve and Taxes: Champagne Taxes in Your State
Here is some midweek Wednesday Wisdom inspiration from your friends at Tri-Valley Tax & Financial Services Inc
Covid payments on the way. Individuals who made up to $75,000 in 2019 will get up to $600. Married couples who earned up to $150,000 will get up to $1,200.
NBCNEWS.COM
Treasury Secretary Mnuchin says $600 Covid payments start going out Tuesday night
Many individuals are taking advantage of the historically low home-loan interest rates to buy their first home, sell their existing home to move up to a more expensive one, or refinance their existing mortgage. Some who currently own their homes free and clear are even taking out loans to lock in the low interest rates.
MYTRIVALLEYTAX.COM
What Are the Tax Advantages of Home Ownership?
The IRS has released the standard mileage rates for 2021, and one of the biggest differences is a drop in the per mile rate for business use from last year.
FORBES.COM
IRS Releases 2021 Mileage Rates
Millions of stimulus checks have been deposited in incorrect customer accounts due to an IRS error. Here's the full story.
REUTERS.COM
Error puts millions of U.S. stimulus payments in wrong accounts -TurboTax
Let's get the weekend started. Friday from Tri-Valley Tax & Financial Services Inc
Great news for 2021 and 2022 only. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 allows businesses to deduct 100%, instead of just 50%, of business meal expenses meeting certain requirements.
MYTRIVALLEYTAX.COM
Increased Business Meal Deductions for 2021 and 2022
Are you planning to buy your first home, upgrade from your existing one, or refinance your mortgage? Let's take a look at some tax advantages and drawbacks of homeownership.
As stimulus checks start to arrive in the bank accounts of American taxpayers, some people are wondering how these payments affect their taxes.
FOOL.COM
Are Stimulus Checks Taxable? | The Motley Fool
Some Wednesday Wisdom from your friends at Pleasanton based Tri-Valley Tax & Financial Services Inc
Congress has authorized a second PPP loan draw but has generally limited the applicability to small businesses with 300 employees or fewer that suffered a 25% or more reduction in gross revenue during any quarter in 2020.
MYTRIVALLEYTAX.COM
Congress Has Authorized a Second Round of PPP Loans
By law, the IRS has until this Friday, January 15, to distribute the second round of stimulus checks - but mailed payments could take weeks.
FASTCOMPANY.COM
IRS stimulus check update: What to know about mailed payments and the Friday deadline
Wednesday Wisdom and Tri-Valley Tax & Financial Services Inc = Success
The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.
MYTRIVALLEYTAX.COM
Charitable Contributions Deduction Liberalized for 2021
A good goal to strive for: Make 2021 the year you stop living from paycheck to paycheck.
FOOL.COM
How to Stop Living Paycheck to Paycheck in 2021
Here's some motivation for your Monday from Tri-Valley Tax & Financial Services Inc
State death tax hikes may be looming as states address budget woes due to the pandemic. Here's where those increases may be the largest.
FORBES.COM
State Death Tax Hikes Loom: Where Not To Die In 2021
Transform your life. Wednesday Wisdom from Tri-Valley Tax & Financial Services Inc
President-Elect Biden released his "American Rescue Plan" on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis.
MYTRIVALLEYTAX.COM
How Biden’s Rescue Plan Might Impact Your Taxes
Tri-Valley Tax & Financial Services Inc - Some Monday Motivation for our friends and colleagues.
Congress has authorized a second draw for PPP loans. Watch this video for a short overview of what you can expect.
Attention small business owners: The SBA has extended the Economic Injury Disaster Loan (EIDL) application deadline through the end of 2021.
SMALLBIZTRENDS.COM
SBA Extends EIDL Loan Application Deadline Thru End of 2021
PPP loans, payroll tax deferrals, the CARES Act, remote work - all of these are major topics to keep in mind as you file your 2020 business tax return. Here's a full breakdown.
MYTRIVALLEYTAX.COM
4 Questions Business Owners Should Consider During the 2020 Tax Season
It's tax time, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax return. The task is never easy, but the effort usually pays off in the extra taxes you save! When you are fully prepared for your appointment, you'll have more time to explore additional deductions and consider a tax plan for the future.
MYTRIVALLEYTAX.COM
Tax Time is Around the Corner! Are You Ready?
Tri-Valley Tax & Financial Services Inc has the motivation you need to get going this Monday.
Acorns CEO and four-time entrepreneur Noah Kerner offers 17 lessons on leadership in this piece. Learn more:
ENTREPRENEUR.COM
17 Leadership Lessons from Acorns CEO Noah Kerner
December's COVID Tax Relief Act provided more than extended unemployment relief and stimulus payments. See a summary of the benefits and if any of them applies to you.
Social Security gives you flexibility on when you sign up. Should you file for benefits at age 62, 70, or somewhere in between?
FOOL.COM
Is Claiming Social Security at 70 a Mistake? | The Motley Fool
Looking for a sign? Here's your Monday Motivation from Pleasanton based Tri-Valley Tax & Financial Services Inc
"Millions of Americans tapped 401(k) and IRA balances to access emergency cash amid the Covid pandemic, as allowed under the federal CARES Act." Here are the tax issues to consider if you were one of them.
CNBC.COM
Here are tax issues to consider if you tapped retirement account to weather 2020
Here are the business tax due dates for February 2021.
MYTRIVALLEYTAX.COM
February 2021 Business Due Dates
Here's a chart to help you guess when you'll receive your tax refund based on when the IRS accepts your return.
FORBES.COM
Tax Refund Chart Can Help You Guess When You’ll Receive Your Money In 2021
Restaurants tried their best to be nimble in the face of the COVID-19 pandemic, but 6 years of growth were wiped away as 110,000 establishments closed temporarily or permanently.
CNBC.COM
Restaurants staged nimble responses to Covid's blows in 2020, but 6 years of growth were wiped away
Here are the February 2021 individual tax due dates:
MYTRIVALLEYTAX.COM
February 2021 Individual Due Dates
10,000 stores are set to close in 2021 - a new record - as COVID-19 continues to "pummel" retailers.
CNBC.COM
10,000 stores are expected to close in 2021, as pandemic continues to pummel retailers
A feel-good entrepreneurial success story for your Friday: Here's how Bianca Robinson transformed her business and helped her customers generate more than $2 million in revenue.
FORBES.COM
How This Entrepreneur Digitally Transformed Her Business And Helped Her Customers Generate $2.1M In Revenue
Tri-Valley Tax & Financial Services Inc - Some Friday tax knowledge for our friends and colleagues.
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.
MYTRIVALLEYTAX.COM
Day Trader Rules and Tax Treatment
A new study by Visa "reveals 82% of small business owners are shifting toward digital payments in response to the pandemic." Are you one of them?
SMALLBIZTRENDS.COM
82% of Small Business Owners Ready for Digital Payments
Midweek Wednesday Wisdom from Tri-Valley Tax & Financial Services Inc
Just in case you were hoping to have more time to get your taxes together like in 2020 - don't count on it. The IRS said Thursday it has no plans to extend the standard filing deadline of April 15.
CNBC.COM
IRS says there are no plans to extend tax-filing deadline beyond April 15
Tri-Valley Tax & Financial Services Inc has a fun tax fact to share with you.
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
MYTRIVALLEYTAX.COM
Employee Retention Credit Extended
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
Wednesday Wisdom from your friends at Tri-Valley Tax & Financial Services 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.
MYTRIVALLEYTAX.COM
Interaction between PPP Loans and the Employee Retention Credit
Some good news for those struggling to pay the bills during COVID-19: "The White House on Monday announced a program to extend mortgage relief and a moratorium on home foreclosures through June."
THEHILL.COM
Biden extending mortgage relief, moratorium on foreclosures through June
Here are the March 2021 Business due date reminders:
MYTRIVALLEYTAX.COM
March 2021 Business Due Dates
Most taxpayers think they have to itemize their deductions to claim them on their tax returns. However, that is not entirely true. There are certain deductions that can be claimed while still using the standard deduction.
MYTRIVALLEYTAX.COM
Tax Deductions Without Itemizing
Here are the March 2021 individual tax due dates:
MYTRIVALLEYTAX.COM
March 2021 Individual Due Dates
The COVID-19 pandemic has continued to batter the economy, and one indicator of the struggle is the potential mortgage crisis: About 5 million Americans were unable to make their rent or mortgage payments in December 2020. Here's the latest info.
MYTRIVALLEYTAX.COM
The Number of Americans Who Didn't Pay Their Mortgage Hit 5% in December 2020
Midweek Wednesday Wisdom from Tri-Valley Tax & Financial Services Inc
Thinking about making a career change? You aren't alone. According to a recent poll, 59% of middle-income workers said they're thinking about changing jobs.
FASTCOMPANY.COM
Is now a good time to change careers? More workers are feeling good about it
Get inspired. Some Wednesday Wisdom from Pleasanton based Tri-Valley Tax & Financial Services Inc
Money raised from online crowdfunding sites for purposes other than business is generally treated as a nontaxable gift if the contribution is made with detached generosity, but this can raise some unexpected gift tax issues. Raising money for business endeavors is generally governed by the U.S. Securities and Exchange Commission Rules, and the tax issues depend on what the contributor receives in return.
MYTRIVALLEYTAX.COM
Tax Consequences of Crowdfunding
The Paycheck Protection Program attracted a few bad apples, with $341 million in attempted fraud through January 2021. Here's what we know.
SMALLBIZTRENDS.COM
$341 Million in PPP Fraud So Far, and Counting
Make your Monday great with this motivation from Tri-Valley Tax & Financial Services Inc
Congress put a halt on the RMD for the traditional IRA in 2020 in response to the Pandemic. However, the RMD will be resumed in 2021 and subsequent years.
Required minimum distributions (RMDs) were suspended in 2020 due to the COVID-19 outbreak. However, barring any future extension of the suspension, RMDs will resume in 2021.
MYTRIVALLEYTAX.COM
Required Minimum IRA Distributions Will Resume in 2021
Because of the pandemic, the people who normally rely on the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) to make ends meet are adversely affected. To assist them, Congress came up with a special way to calculate the two credits for 2020.
Here's some Monday Motivation for you: Take inspiration from these 11 founders "who trusted their gut and reaped the benefits."
ENTREPRENEUR.COM
11 Entrepreneurs Who Broke All the Rules-and Achieved Great Success
Make your Monday great with this motivation from Tri-Valley Tax & Financial Services Inc
According to the National Retail Federation, US retail sales are set to rise 6.5% to 8.2% in 2021, as the "Covid vaccine triggers fastest growth in over two decades."
CNBC.COM
U.S. retail sales to rise 6.5% to 8.2% in 2021, as Covid vaccine triggers fastest economic growth in over two decades, NRF says
Wondering if your state is taxing forgiven PPP loans? This map breaks it all down.
TAXFOUNDATION.ORG
Which States Are Taxing Forgiven PPP Loans?
Because of the pandemic, many have been forced to work from home for the past year. A frequent question is do they qualify for a special tax deduction for using their home as a workplace?
"Twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes." Is yours one of them?
TAXFOUNDATION.ORG
Does Your State Have an Estate or Inheritance Tax?
Senator Elizabeth Warren has unveiled the Ultra-Millionaire Tax Act, which would "create an annual tax of 2 percent on the net worth of households and trusts between $50 million and $1 billion and a tax of 3 percent on net worth above $1 billion."
THEHILL.COM
Warren bill would impose wealth tax on $50M households
"Still fresh off of a landmark victory in California, companies like DoorDash, Instacart, Lyft and Uber are preparing to bring their message supporting an independent workforce nationwide." Learn more:
CNBC.COM
Gig companies prepare to bring their fight for independent work nationwide under a more skeptical Biden administration
Your Friday tax fact from Pleasanton based Tri-Valley Tax & Financial Services Inc.
Where is your tax home? A recent case heard by the Tax Court called into question how to qualify one's tax home. "The calculation that will count the most will not be based on where you pay rent or a mortgage, but instead how much time you spend in each location and how much income you generate while you're there."
MYTRIVALLEYTAX.COM
Tax Court Decision Holds Potential Impact for Travel Deductions
Want to avoid getting in trouble with the IRS? Here are some tax tips from a cooperating witness in last fall's record-setting $2B tax evasion case.
FORBES.COM
Tax Tips From Cooperating Witness In Record $2B Tax Evasion Case
Wall Street A-listers fled to Florida from New York, seemingly in droves. But many are already considering a return.
BLOOMBERG.COM
Wall Street A-Listers Fled to Florida. Many Now Eye a Return
Here's your tax fact of the week from your friends at Tri-Valley Tax & Financial Services Inc.
With the passage of the American Rescue Plan Act, Congress has substantially increased the child tax credit for 2021 and directed the IRS to establish an advance payment program for the last 6 months of the year.
MYTRIVALLEYTAX.COM
Big Increase in Child Tax Credit For 2021
In many cases, workers are receiving unemployment benefits for the first time, and they may not be aware of how those benefits are taxed for federal purposes, as well as by most states.
MYTRIVALLEYTAX.COM
Are Your Unemployment Benefits Taxable?
The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment. This is one of several government measures intended to help financially stressed citizens.
MYTRIVALLEYTAX.COM
It's Official! Another Round of Stimulus Payments Approved by Congress
The Hawaii Senate "has passed legislation that would increase the income tax paid by Hawaii's top wage earners to 16% from 11%," which would give Hawaii the highest state income tax in the US.
USNEWS.COM
Hawaii Senate Approves Nation's Highest Income Tax Rate
Here is a fun fact for your Friday from Tri-Valley Tax & Financial Services Inc.
The IRS has announced they are extending the filing due date for 2020 individual tax returns from April 15, 2021, to May 17, 2021, but with some limitations.
MYTRIVALLEYTAX.COM
IRS Extends Individual Return Filing Date
Great news if you are paying childcare expenses that enable you to work. As part of President Biden's American Rescue Plan Act, the child and dependent care tax credit has been substantially increased for 2021.
MYTRIVALLEYTAX.COM
Great News, Child Care Tax Credit Expanded for 2021
Heads up: Some parents could start receiving the new $3,000 child tax credit by this summer. Here's how it works in reality.
CNBC.COM
Parents could start receiving the new $3,000 child tax credit by summer—here's how it works
Here is some midweek Wednesday Wisdom inspiration from your friends at Tri-Valley Tax & Financial Services Inc
Have a genius business idea? Not so fast. Before diving right in, be sure to consider these 3 areas: your audience, your competition, and your financial feasibility.
MYTRIVALLEYTAX.COM
How to Evaluate Your Business Idea Before Diving In
Entrepreneur Bob Schneider was able to retire at 36 because of 3 lessons he learned from his dad. Hint: Saving early is included...
BUSINESSINSIDER.COM
3 lessons an entrepreneur learned from his dad that helped him retire at 36
Here are the April 2021 business due date reminders:
MYTRIVALLEYTAX.COM
April 2021 Business Due Dates
Get inspired. Some Wednesday Wisdom from Pleasanton based Tri-Valley Tax & Financial Services Inc
Once you've made the decision to create an employee stock option plan, there's a lot of important work to be done before giving an agreement to each employee. Here's a full breakdown.
MYTRIVALLEYTAX.COM
Tips for Creating an Employee Stock Option Plan
Here are the April 2021 individual tax due dates:
MYTRIVALLEYTAX.COM
April 2021 Individual Due Dates