The federal credit for the purchase and installation costs of a residential solar-power system is fading away and will no longer be available after 2021; plus, the credit itself is being reduced.
TUDORFINANCIALGROUP.COM
Solar Tax Credit is Sunsetting Soon
This is how much the average amount Americans pay in federal income taxes, broken down by income level.
BUSINESSINSIDER.COM
The average amount Americans pay in federal income taxes, by income level
A little inspiration from TUDOR FINANCIAL GROUP LLC. Wednesday Wisdom
The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
TUDORFINANCIALGROUP.COM
Keeping Your Designated IRA Beneficiary Current is Important
The tax filing extension deadline, October 15th, is just around the corner. Here is a quick reminder of what you need to know.
The IRS announced last week that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act "should not file information returns or furnish payee statements to report the forgiveness."
ACCOUNTINGTODAY.COM
IRS says lenders don’t need to report PPP loan forgiveness
Weaker-than-expected job growth in September "sent a signal that the sharp economic recovery off the coronavirus shutdown may be hitting a wall."
CNBC.COM
'Massively concerning' jobs report sends a signal that the economic recovery could be fading
The stimulus yo-yo continues in Washington. Here's the latest.
CNBC.COM
Pelosi, Mnuchin speak about broad stimulus bill as White House sends mixed signals
Let's get the weekend started. Friday from TUDOR FINANCIAL GROUP 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.
TUDORFINANCIALGROUP.COM
Gambling and Tax Gotchas
As the pandemic lingers, here are 4 ways you can help your employees focus on what they can control and feel safe returning to work.
FASTCOMPANY.COM
4 ways to help employees feel safe when returning to work
Wednesday Wisdom and TUDOR FINANCIAL GROUP LLC = Success
The SBA issued new guidance last week allowing borrowers with PPP loans of $50,000 or less "to self-certify they used the money appropriately and receive complete forgiveness."
FORBES.COM
SBA Easing Forgiveness Of Paycheck Protection Program Loans Of $50,000 Or Less
Here is a fun fact for your Friday from TUDOR FINANCIAL GROUP LLC.
Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.
TUDORFINANCIALGROUP.COM
There is More to Deducting Health Insurance than Meets the Eye
Calling all tax procrastinators: your time has come! The October 15th tax extension deadline is TOMORROW. Here's what will happen if you miss it.
FASTCOMPANY.COM
What happens if you miss the October 15 tax extension deadline?
Wednesday Wisdom from your friends at TUDOR FINANCIAL GROUP LLC
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.
TUDORFINANCIALGROUP.COM
The SBA Issues a Simplified PPP Loan-Forgiveness Application
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.
TUDORFINANCIALGROUP.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.
TUDORFINANCIALGROUP.COM
Don't Miss Out on Year-End Tax-Planning Opportunities
The Department of Justice has charged Robert Brockman, a Texas billionaire, with the biggest tax fraud case in U.S. history.
THEHILL.COM
Justice Dept. charges Texas billionaire with biggest tax fraud case in US history
Here is some midweek Wednesday Wisdom inspiration from your friends at TUDOR FINANCIAL GROUP LLC
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.
TUDORFINANCIALGROUP.COM
Are You Keeping Track of Your Investment Basis?
Another handy use for your smartphone: starting this month, the IRS is adding a QR code to its tax notices so you can scan it, securely access your account, set up a payment plan, or contact the Taxpayer Advocate Service.
FORBES.COM
Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills
"Anticipated spending on holiday gifts is expected to drop significantly this year amid a retail slump due to the coronavirus pandemic," a Gallup poll found.
THEHILL.COM
Holiday spending estimates lowest in four years: poll
Wednesday Wisdom from your friends at TUDOR FINANCIAL GROUP 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.
TUDORFINANCIALGROUP.COM
Don't Miss the Opportunity for a Spousal IRA
Looking back at all that's happened since the start of the pandemic, it's clear that tech has played a pivotal role. Here are 3 ways digital strategies transformed businesses during COVID-19.
FASTCOMPANY.COM
3 top executives discuss how tech transformed business during COVID-19
Looking for a sign? Here's your Monday Motivation from Phoenix based TUDOR FINANCIAL GROUP LLC
Here's a tricky question: How do you know when it's the right time to scale your business? Read on to learn five critical identifiers for scaling and how to get it done.
ENTREPRENEUR.COM
How to Know When It's the Right Time to Scale Your Business
To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.
TUDORFINANCIALGROUP.COM
IRS Releases Inflation Adjustments for 2021
After pausing due to COVID-19, the IRS has announced that it will resume issuing certain balance due notices - the 500 series - to taxpayers.
FORBES.COM
IRS Says It Will Resume Sending Out Balance Due Notices To Taxpayers
TUDOR FINANCIAL GROUP LLC has the motivation you need to get going this Monday.
Is it possible to start a business with no money? Technically, yes - but there are some important points to keep in mind. Learn more:
ENTREPRENEUR.COM
Starting a Business With No Money? Here's How to Do It.
Right now, many of the initial 180-day mortgage forbearance periods from the CARES Act are coming due for homeowners who sought relief early on in the pandemic. What happens next?
FOOL.COM
What to Do When Your CARES Act Mortgage Forbearance Ends
A new bill being considered in Congress would raise the age for RMDs and let workers who are repaying student loans "to get a company 401(k) match even if they're not saving in their workplace plan."
CNBC.COM
New retirement bill has perks for seniors, student loan borrowers
Should working from home be taxed? According to this analysis, perhaps. Learn more:
MARKETWATCH.COM
Should working from home be taxed?
TUDOR FINANCIAL GROUP LLC - Some Friday tax knowledge for our friends and colleagues.
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.
TUDORFINANCIALGROUP.COM
SBA Questioning PPP Borrowers with Loans Over $2 Million
The IRS is reminding qualified college students that it's not too late to register for a stimulus check, but the deadline - November 21st - is fast approaching.
FORBES.COM
IRS To College Students: It’s Not Too Late To Register For A Stimulus Check
Wednesday Wisdom from your friends at TUDOR FINANCIAL GROUP LLC
The IRS has warned taxpayers of a clever scheme by internet scammers to dupe taxpayers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment.
TUDORFINANCIALGROUP.COM
Beware of New Text Scam Related to Stimulus Payments
Many of us are still working from home these days. If you feel that it's hard to keep work and home life separate in these times, you aren't alone. Here are some ways to balance both and stay sane.
ENTREPRENEUR.COM
How to Keep Work and Home Life Separate as You Work Remotely
It is a common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a low fair market value, it would be treated as a de minimis fringe benefit. As such, it would be tax-free to the employee, and its cost is tax deductible by the employer.
TUDORFINANCIALGROUP.COM
Employee Holiday Gifts May Be Taxable
Midweek Wednesday Wisdom from TUDOR FINANCIAL GROUP LLC
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.
TUDORFINANCIALGROUP.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.
Will a stimulus bill ever come? It's hard to say, but many small business owners are uncertain whether they can survive without additional assistance from the government.
AXIOS.COM
Small business owners uncertain of survival without new stimulus
Thank you Deborah for the review! We are proud that you are completely satisfied with us and that our five-star record is still going strong! You can view this review at: https://www.taxbuzz.com/find-the-best-tax-preparer/arizona/phoenix/randy-tudor/reviews #Phoenix
Get inspired. Some Wednesday Wisdom from Phoenix based TUDOR FINANCIAL GROUP LLC
Thanks for making us the talk of the town! We love hearing that our clients are getting 100% satisfaction with our #tax and #accounting team. You can view this review at: https://www.taxbuzz.com/find-the-best-tax-preparer/arizona/phoenix/randy-tudor/reviews
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.
TUDORFINANCIALGROUP.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.
TUDORFINANCIALGROUP.COM
Preparing for 2021: Tax Planning Strategies for Small Business Owners
Millions of unemployed Americans are facing a scary end to 2020, with jobless programs expiring unless Congress passes further relief.
WSJ.COM
Millions of Unemployed Americans Face Loss of Benefits at Year’s End
Wednesday Wisdom from your friends at TUDOR FINANCIAL GROUP LLC
The holiday season is customarily a time to give gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits but be on the lookout for holiday gift-giving scammers.
TUDORFINANCIALGROUP.COM
Year-End Gift Giving with Tax Benefits
86% of small business owners say they have not received state or local aid to help their business survive the COVID-19 crisis. Are you one of them?
SMALLBIZTRENDS.COM
Lack of State and Local Aid Frustrates Small Business Owners Nationwide - Small Business Trends
Set yourself up for success with Monday Motivation from TUDOR FINANCIAL GROUP LLC
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.
Many things are uncertain these days. Don't let your business's survival be one of them. Here's how you can grow your revenue even in a tumultuous economy.
FORBES.COM
Council Post: How To Grow Revenue In An Uncertain Economy
It seems hard to believe, but the holiday season is almost upon us, and that means that the tax preparation season for 2020 returns will soon follow. With the end of the tax year just weeks away, it may be appropriate (especially this year, in light of the financial havoc created by COVID-19) to review some year-end tax issues that might reduce your tax bite for 2020 or provide long-term tax benefits.
TUDORFINANCIALGROUP.COM
Tax Issues to Be Aware of as Year-end Approaches
Many people are neglecting their retirement savings or simply planning for their Social Security income to take care of their needs. To encourage better preparation for retirement, tax laws offer a variety of tax incentives for retirement savings plans. Watch this video for an overview of the options.
It's go time! Phoenix based TUDOR FINANCIAL GROUP LLC has some motivation for you today.
Looking for some Monday inspiration? Here are 6 giant companies that nearly flopped entirely. Remember: disruption and innovation takes time!
ENTREPRENEUR.COM
6 Giant Companies That Nearly Flopped
An IRS phone scammer in India "has been sentenced to 20 years in prison for his role in operating and funding call centers that defrauded U.S. victims out of millions of dollars."
FORBES.COM
IRS Phone Scammer Sentenced To 20 Years In Prison
News of viable COVID-19 vaccine prospects is already boosting consumer spending, with many feeling more at ease as they see "a light at the end of the tunnel."
USATODAY.COM
COVID-19 vaccine prospects may already be boosting consumer spending, economy
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?
Start your week on the right foot with Monday Motivation from TUDOR FINANCIAL GROUP LLC
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
ICYMI: Bob Dylan sold his entire songwriting catalogue for an estimated $300 million. Ever wonder what that means on the tax planning side?
FORBES.COM
Bob Dylan's Debt To Nashville - It's About Taxes
According to ADP's latest monthly payrolls report, "private payrolls grew at their slowest pace since July amid a deceleration in large business hiring for November."
CNBC.COM
Hiring falls off in November to slowest rate since July
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
Still have some holiday shopping left to complete? WAIT! before you click that link to a huge online retailer, consider buying from a small business - there's still time.
USATODAY.COM
Rethink that click: It's not too late to shop small for Christmas presents
Over 150 million Americans plan to shop the Saturday before Christmas - "Super Saturday" - this year, 42% of which are planning to do so online only.
CNBC.COM
Mad dash to the finish: A record number of people plan to shop the Saturday before Christmas, survey says
Employee or independent contractor? This distinction decides whether your business issues a W-2 or 1099-NEC form to a specific wage earner. Here's everything you need to know about these forms and your annual wage reports.
TUDORFINANCIALGROUP.COM
W-2 or 1099-NEC: Which Form Should Your SMB Use for Which Workers?
TUDOR FINANCIAL GROUP LLC - Some Friday tax knowledge for our friends and colleagues.
Unless a taxpayer qualifies for an exception, distributions from a traditional IRA are both taxable and subject to a 10% early withdrawal penalty. After reaching age 72, a taxpayer must begin taking minimum required distributions or they are subject to a 50% under-distribution penalty.
TUDORFINANCIALGROUP.COM
IRA Withdrawal Planning Can Save on Taxes
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...
TUDORFINANCIALGROUP.COM
January 2021 Business Due Dates
Here are the January 2021 Individual Tax Due Dates...
TUDORFINANCIALGROUP.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
It matters how you get there. Wednesday Wisdom from TUDOR FINANCIAL GROUP LLC
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
Wednesday Wisdom and TUDOR FINANCIAL GROUP LLC = Success
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
Clients often ask why IRS hasn't cashed their payment check or processed their return yet--perhaps this will shed some light on the extent of the problem!
IRS has 1 million unprocessed returns and 3 million pieces of unopened mail after COVID-19 wreaked havoc on tax season
https://www.marketwatch.com/story/irs-has-1-million-unprocessed-returns-and-3-million-pieces-of-unopened-mail-after-covid-19-wreaked-havoc-on-tax-season-2020-11-20
MARKETWATCH.COM
IRS has 1 million unprocessed returns and 3 million pieces of unopened mail after COVID-19 wreaked havoc on tax season
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.
TUDORFINANCIALGROUP.COM
What Are the Tax Advantages of Home Ownership?
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
Wednesday Wisdom from your friends at TUDOR FINANCIAL GROUP LLC
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. However, you may find it in your best interest to keep track of actual expenses for 2021.
TUDORFINANCIALGROUP.COM
2021 Standard Mileage Rates Announced
Heads up: The US hasn't seen significant inflation in almost 40 years - but that may change in 2021.
FINANCE.YAHOO.COM
Inflation Is on the Way for 2021 – Here’s What That Means for You
A little inspiration from TUDOR FINANCIAL GROUP LLC to start your week.
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
The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.
TUDORFINANCIALGROUP.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
Start your week on the right foot with Monday Motivation from TUDOR FINANCIAL GROUP LLC
COVID-19 has touched nearly every aspect of the lives of every American, including our financial health. There will be some tax implications that many people have not considered. Watch the following video for some possible tax consequences so you can be prepared when tax time comes.
Some would-be recipients of stimulus checks were when they checked the status of their payments via the IRS Get My Payment tool only to discover that they did not recognize the destination bank account. Here's why.
FASTCOMPANY.COM
IRS Get My Payment: Stimulus check went to the ‘wrong’ bank account? This might be why
It's a new year, and no one knows for sure what 2021 will hold. But as a business owner, you have to plan and prepare your business for any difficult situation.
ENTREPRENEUR.COM
5 Business Survival Tips for 2021
Here's some motivation for your Monday from TUDOR FINANCIAL GROUP LLC
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
If the average monthly cell phone bill has dropped 26% since 2008, then why aren't you seeing the savings? It may be because of wireless taxes.
CNBC.COM
Cellphone service is cheaper, but bills haven't dropped — taxes are one reason why
Breaking: The IRS is delaying the beginning of the 2020 tax season to February 12, 2021
CNBC.COM
IRS delays start of tax filing season to Feb. 12
Several states have already begun paying out the $300 unemployment boost. Is yours one of them?
CNBC.COM
These states are already paying out the new $300 unemployment boost
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
You may have heard about President Biden's proposed $1400 stimulus payments. So - what stands between that proposed check and your bank account?
FASTCOMPANY.COM
Biden stimulus update: What the new president and Senate could mean for third checks
According to a recent report, the pandemic has hit San Francisco's office market so hard that, by some measures, "it's worse than the global financial crisis or dot-com collapse."
BLOOMBERG.COM
San Francisco Office Vacancy Rate Eclipses Financial-Crisis High
TUDOR FINANCIAL GROUP LLC - Some Friday tax knowledge for our friends and colleagues.
IRS opens up the use of ID verification tax filing numbers to taxpayers nationwide as a means of protection against filing fraud. These numbers must be applied for and identities verified before issuance.
TUDORFINANCIALGROUP.COM
IRS Offers New Identity Protection for Taxpayers
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
Here are the business tax due dates for February 2021.
TUDORFINANCIALGROUP.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:
TUDORFINANCIALGROUP.COM
February 2021 Individual Due Dates
Let's get the weekend started. Friday from TUDOR FINANCIAL GROUP LLC
Between 2010 and 2018, about 0.6% of individual tax returns resulted in an audit (that's about 250,000 taxpayers). Here are some of the red flags that could cause the IRS to audit your tax return.
TUDORFINANCIALGROUP.COM
Beware: These Tax Return Red Flags Could Catch the Eye of the IRS
End of week tax fact from TUDOR FINANCIAL GROUP 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.
TUDORFINANCIALGROUP.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
Get inspired. Some Wednesday Wisdom from Phoenix based TUDOR FINANCIAL GROUP LLC
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.
TUDORFINANCIALGROUP.COM
Tax Relief for Victims of 2020 Natural Disasters
Thank you to one of my long-term clients, Luke, for this great review! You can view this review at: https://www.taxbuzz.com/find-the-best-tax-preparer/arizona/phoenix/randy-tudor/reviews #Phoenix
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
Tap into your full potential. Wednesday Wisdom from TUDOR FINANCIAL GROUP LLC
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.
TUDORFINANCIALGROUP.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
Here's some motivation for your Monday from TUDOR FINANCIAL GROUP LLC
The federal credit for the purchase and installation costs of a residential solar-power system has been extended for two years through 2023.
TUDORFINANCIALGROUP.COM
Solar Tax Credit Extended for Two Years
It's never easy to launch a new franchise business - especially not during a pandemic. Here are six business builders who found new ways to survive and problem-solve.
ENTREPRENEUR.COM
6 Lessons Learned From Franchisors Who Launched in 2020
A little inspiration from TUDOR FINANCIAL GROUP LLC to start your week.
The Consolidated Appropriations Act, 2021 liberalized the interaction between PPP loans and the Employee Retention Credit. Watch this video to learn more.
US job openings rose in December, and "a third of small businesses reported in January that they had vacancies they could not fill."
REUTERS.COM
U.S. job openings rise in December; small businesses desperate for workers
Oops - The IRS mistakenly mailed CP21C letters to more than 109,000 taxpayers, saying that their economic stimulus payment is being withheld to cover 2007 taxes.
FORBES.COM
IRS Mistakenly Tells 109,000 Taxpayers It Held Back Stimulus Payments To Offset 2007 Taxes
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
A little inspiration from TUDOR FINANCIAL GROUP LLC to start your week.
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.
The IRS says "taxpayers should expect limited face-to-face operations, heavy call volume and paper-processing delays" during this tax season. Here's a guide to some key issues.
FORBES.COM
IRS Warns Of Delays And Challenging 2021 Tax Season: 10 Tax Tips For Filing Your 2020 Tax Return
Before deciding to get involved in a joint venture, business owners need to carefully assess how they plan to proceed. Here's a breakdown of what a joint venture really is.
TUDORFINANCIALGROUP.COM
What Is a Joint Venture?
States are battling to attract businesses and taxpayers to boost their tax revenue, a competition that is only heating up due to the pandemic.
CNBC.COM
Pandemic heats up state tax competition to attract businesses and residents
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?
Congress came up with a special way to calculate the EITC and the child tax credit for 2020 that may be very beneficial for taxpayers whose income from working declined in 2020.
TUDORFINANCIALGROUP.COM
Special Rules Apply to 2020 EITC and Child Credit
Attention gig workers - Do you know all there is to know about this key tax form? Here's a breakdown of the 1099-NEC.
FORBES.COM
What Gig Workers Need To Know About A Key Tax Form
TUDOR FINANCIAL GROUP LLC - Some Friday tax knowledge for our friends and colleagues.
Mom and pop businesses with fewer than 20 employees are given a 2-week exclusive application period for PPP Loans.
TUDORFINANCIALGROUP.COM
Mom & Pop Businesses Move to Front of the Line for PPP Loans
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 Phoenix based TUDOR FINANCIAL GROUP LLC.
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."
TUDORFINANCIALGROUP.COM
Tax Court Decision Holds Potential Impact for Travel Deductions
Filing status is determined on the last day of the year and most often is based on marital status. Single and Married Filing Jointly are the most common, but there are others.
TUDORFINANCIALGROUP.COM
Understanding Tax-Filing Status
Facing a March 14th deadline (when some benefits run out), Democrats in Congress are placing their focus on the stimulus package and shelving work on a minimum wage tax plan for now.
BLOOMBERG.COM
Democrats Shelve Minimum Wage Tax to Speed Work on Stimulus
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.
TUDORFINANCIALGROUP.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.
TUDORFINANCIALGROUP.COM
It's Official! Another Round of Stimulus Payments Approved by Congress
If enacted as initially proposed, "A projected switch in calculating retirement plan benefits from a deduction to a credit could have significant implications for high-net-worth taxpayers."
ACCOUNTINGTODAY.COM
A tax switch on IRAs and 401(k)s could hurt high earners
Transform your life. Wednesday Wisdom from TUDOR FINANCIAL GROUP LLC
Tax reform brought good news and bad news regarding the home-office deduction. The good news is that it is still allowed for self-employed taxpayers, but the bad news is that it is currently not available for employees even when they are required to work from home during the COVID pandemic.
TUDORFINANCIALGROUP.COM
Working from Home? Is there a Tax Deduction?
We often hear freelancers and gig workers discuss the freedom that comes with their career path, but going solo also creates complications in your finances. Here are 7 personal finance tips that can benefit anyone working in the freelance economy.
TUDORFINANCIALGROUP.COM
7 Personal Finance Tips for Freelancers and Gig Workers
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
Some Wednesday Wisdom from your friends at Phoenix based TUDOR FINANCIAL GROUP LLC
Tax season is here. What if you end up owing tax to the IRS and can't pay them immediately? This video will discuss a few options to consider when you don't have the funds to pay all of your tax liability.
The recently passed American Rescue Plan Act (ARPA) includes a provision for the federal government to pick up the cost of COBRA health coverage for employees' involuntary termination of their employment or reduction of hours subject to certain qualifications.
TUDORFINANCIALGROUP.COM
Uncle Sam May Pick Up the Cost of Your COBRA Medical Coverage
With the recently passed American Rescue Plan, the child tax credit has been expanded for one year, 2021. The plan also provides a new twist: an advanced payment option for this year only. Watch this video for details.
Rover.com was founded a decade ago at Seattle's Startup Weekend event, and the company has been wildly successful ever since. Here's the full story of how this pet care website came to be.
TUDORFINANCIALGROUP.COM
The Inspiring Story of the Team Behind Rover.com
Here are the April 2021 individual tax due dates:
TUDORFINANCIALGROUP.COM
April 2021 Individual Due Dates
Thieves use taxpayers' natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data. They are clever and are always coming up with new and unique schemes to trick you.
TUDORFINANCIALGROUP.COM
Don't Be A Victim to IRS-Impersonating Scammers
Professional video gamers can operate extremely lucrative businesses, making money from esports tournaments, endorsement deals, ad revenue, and much more. But they also need to think about what gaming means for their taxes, budgeting, and financial planning. Here's a rundown of all the important considerations.
TUDORFINANCIALGROUP.COM
5 Tips for Operating a Successful Gaming Business
Ready for some Monday motivation? Here's how one mom of 7 went from having $5 left to feed her family to running a cupcake business generating $1 million a year.
ENTREPRENEUR.COM
How a Mom of 7 Turned Her Last $5 Into a Business Worth Nearly $1 Million a Year
Get ready for the week: TUDOR FINANCIAL GROUP LLC has motivation for your Monday.
Talk about a major U-turn regarding the 3rd round of stimulus checks: The IRS "has now agreed to use its discretion to bypass offsets for federal tax debts for taxpayers who file 2020 returns that claim the recovery rebate credit."
FORBES.COM
In Switcheroo, IRS To Deliver Full Stimulus Payments To Those With Federal Tax Debts
