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Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee could raise your take home pay temporarily until …
Continue reading Is a Tax Time Bomb Lurking in Your Paycheck?
Fall is right around the corner! As summer is winding down, the IRS wants you to be aware of common scams being encountered during the pandemic. Also included are tips to improve your credit score, and a review of alternative ways to budget so you can explore a method that works best for you. All …
One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a business as a married couple. How spouses earn Social Security benefits A spouse is …
The Small Business Administration (SBA) has begun accepting forgiveness applications for Paycheck Protection Program (PPP) loans. While you may want to put the forgiveness application process behind you, here are four reasons to consider delaying your application submission: More changes are on the way. Congress is currently debating another COVID-19 relief package which could include more …
Continue reading Don’t Rush Your PPP Loan Forgiveness Application
With the dramatic increase in identity theft, what can be done to protect your Social Security number (SSN) from these would-be thieves? Here are some ideas. Do not carry your Social Security card with you. Your parents were encouraged to do this, but times have changed. You will need to provide it to a new employer, …
Continue reading How to Protect Your Social Security Number From Theft
You may be considering booking stock losses due to recent market drops in order to save on your bill from Uncle Sam. Selling losers can be a great strategy when these losses can offset stock gains and up to $3,000 in excess stock losses can offset your ordinary income. However, there is a little known …
You’ve got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn your plan on a dime. 1. Health emergencies and long-term care. When a simple procedure could …
IMPORTANT! You May Owe a Tax Payment This Month Find out if you owe the IRS an estimated tax payment You may owe the IRS a tax payment for your 2020 tax return and not know it. Most Americans have income taxes withheld from their paychecks, with their employer sending a tax payment to the …
The U.S. Small Business Administration (SBA) and Treasury have agreed to publish the names and amount ranges for all recipients of Paycheck Protection Program (PPP) loans of $150,000 or more. In a news release issued Friday night, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said they had reached an agreement with the bipartisan …
Continue reading SBA, Treasury to publish names of some PPP loan recipients
Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. Here are some tax tips that could help you …
