Review Your Social Security Earnings Report

Now is the time for taxes AND reviewing your Social Security earnings report. Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume the money deducted each payday and an equal amount paid in by our employer is applied properly to this valuable retirement benefit. …

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Tax & Business Newsletter: February 2021

Cut Your Business's Tax Bill With These Provisions As tax filing season officially gets underway, here are several new business-related tax provisions that could help cut your tax bill. The three provisions outlined in this article can also be applied retroactively. Net Operating Losses (NOL). When your company’s tax deductions exceed taxable income, the result is …

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SBA announces PPP process changes

The U.S. Small Business Administration (SBA) announced changes Wednesday designed to reduce delays in the Paycheck Protection Program (PPP) approval process. Millions of small businesses have applied for PPP forgivable loans since it reopened Jan. 11 with $284 billion in fresh funding. A significant percentage of those applications has been held up by process and system issues …

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Eligible educators may deduct personal protective equipment expenses

The IRS provided a safe harbor under which “eligible educators” can deduct unreimbursed expenses for COVID-19 protective items as educator expenses under Sec. 62(a)(2)(D) (Rev. Proc. 2021-15). COVID-19 protective items include, but are not limited to: Face masks;Disinfectant for use against COVID-19;Hand soap;Hand sanitizer;Disposable gloves;Tape, paint, or chalk to guide social distancing;Physical barriers (e.g., clear …

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IRS Identity Theft Program NOW OPEN! – New one-time use PIN option available for all

After a long pilot program, the IRS is making its identity theft PIN program available to all taxpayers. Here is what you need to know. The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what you …

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Alert: Look for New 1099 NEC Your 1099’s are coming soon

So many 1099's. How do you keep them all straight? Here is a quick review of the most common 1099's to help you prepare to file your tax return. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. And this year there is a new one called the 1099 NEC. …

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