Blogs


New Stimulus Law Grants Eight Tax Breaks for 1040 Filers

1040 Tax Breaks, CARES Act, Charitable Contributions, Coronavirus Aid, Economic Security Act, IRS Schedule A, Payroll Tax Deferral Repayment, Relief, Tax Deduction
The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer.

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New COVID-19 Supplemental Paid Sick Leave is a New Requirement as of March 29, 2021, for California Employers

California, California Employers, California Paid Sick Leave, COVID-19 Supplemental Paid Sick Leave, Governor Newsom, Paid Sick Leave, Supplemental Paid Sick Leave
In California starting March 29, 2021, by Senate Bill 95, signed by Governor Newsom on March 19, 2021 (California Supplemental COVID-19-related Paid Sick Leave, “CASPSL"), employers operating in California must begin providing their California employees a new form of COVID-19 supplemental paid sick leave. The new version reaches small and large employers alike and mandates that employers provide COVID-19-related paid sick leave in more circumstances than last year’s supplemental paid sick leave law and applies retroactively to January 1, 2021. Last year’s ...

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Update: COVID-19 Tax Relief Measures after the New Law

Cares Act, Coronavirus Aid, Covid-19 Tax Relief, Crd, Tax Relief, Tax Relief Measures
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others that expired on December 31, 2020. With all the changes that took place in 2020, we recommend that you should be informed of the following insights. Borrow $100,000 from Your IRA and Pay It Back Within Three Years with No Tax Consequences Thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), IRA owners who were adversely affected by the ...

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Tax Economics: What You Should Know and Why You Should Care

Income Taxes, Tax Economics, Tax Literacy, Tax Rate, Tax Revenue, Taxes
Taxes impact each of us. Each of us differently. Tax is the polite term for paying for rendered services and tax authorities seek ways to extract the most from its citizens without causing a revolt. Nearly all armed uprisings include a measure of taxation, its perceived fairness, and the use of the “proceeds” as an underpinning. Taxes, their policy and collection metrics, encourage behaviors. Not all behaviors are honorable. This posting (and any future ones) is not designed to be a full treatise on tax policies as there are library shelves filled already. ...

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Handling Key Non-Tax Financial Issues When a Loved One Passes Away (Part 3 of 3)

Death Certificates, Estate Planning Lawyer, High-End Home, Investment Accounts, Life Insurance Policies, Probate, Real Estate, Retirement Accounts, Revocable Trust, Safe-Deposit Boxes
Over the last couple of weeks, I’ve discussed and published some suggestions on how you might proceed when a financially comfortable loved one has passed away and what you might do to prepare toward preserving your Estate or your duties as an Executor.

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Round 2: Additional Tax-Free PPP Money for You?

Paycheck Protection Program, PPP, PPP Money, Second-Draw PPP Loan, Tax-Free PPP Money
Is it “Tax-Free Money” or is it a “Loan” Did you receive money from a lender under the existing Paycheck Protection Program (PPP)? If so, you may qualify for more tax-free money. But first, let’s clarify what’s happening. When you think of the PPP program, do you think “Tax-Free Money” or do you think “Loan”?

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Good News: There are New Paycheck Protection Program (PPP) Forgiveness Rules for Past, Current, and New PPP Money

Coronavirus Aid, COVID Tax Relief Act of 2020, Federal Forgiveness Rules, Loan Proceeds, Paycheck Protection Program, PPP, PPP Loan
The new Paycheck Protection Program (PPP) law enacted with the recent stimulus package adds dollars to your pockets if you have or had PPP money. If you are going to apply for PPP money for the first time, the favorable rules in this article apply to your newfound tax-free money.

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2020 Last-Minute Section 199A Tax Reduction Strategies

As a Business Owner, U.S. Tax Deductions are always welcome. But remember, deductions aren’t static. Allowable U.S. Tax Deductions change over time, and some go away, or, in the case of the Section 199A Deduction, new deductions are added. The Tax Cuts and Jobs Act (TCJA) that was signed into law in December 2017 was part of a major tax reform that paved the way for the Section 199A Deduction. This part of the tax reform could result in big tax savings for small businesses and real estate investors. Major elements of the ACT include reducing tax rates for busine...

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2020 Last-Minute Year-End General Business Income Tax Deductions

The purpose of this guidance (along with the near term future articles to be published in the next few days) is to assist our customers and friends pay less tax in order to retain more wealth. Actually, it is a simple concept: Pay More (their way) or Pay Less (the Morris + D'Angelo way). The choice is yours. The IRS is unable to unilaterally reduce your tax obligation or cut you a larger refund check without your efforts to establish that you deserve the associated deductions. When you do your part; we do our part; the government will execute their part. Again, the ...

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