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What You Need to Know About Paying Taxes on Unemployment Benefits

Are you one of the many millions of Americans who filed for unemployment in 2020? Have no fear since you’re not alone. However, it’s important to understand paying taxes on unemployment benefits. While it’s been great for so many to receive the extra benefits from unemployment, it’s also really important to understand that it isn’t …

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small business expense

5 Simple Items to Consider for Your Small Business Expense Checkup

Whether you’re budgeting for a new business or you’ve been operating for a while, performing regular expense checkups can help keep expenses down and profits up. Let’s talk about doing a small business expense checkup! I totally understand that your expenses will vary according to your industry. However, some operational expenses are common for RV …

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5 tax deductions that could get you in trouble

5 Tax Deductions That Could Get You in Trouble

You’ve filed your tax return for the year. You feel good about it. However, I’m here to warn you about 5 tax deductions that could get you in trouble. It’s super common for taxpayers especially self-employed individuals to make write-off mistakes. It’s simply because you never learned the dos and don’ts of write-offs. You might …

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2 Provisions That Allow for $100,000 Tax-Free IRA Borrowing

The $2 trillion COVID19 economic recovery bill titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) offers, among many things, some meaningful tax relief. Let’s go over two tax relief measures in the CARES Act that can potentially benefit IRA retirement account owners. The biggest one being tax-free IRA borrowing. Do you have …

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Amazing Way to Use Health Insurance as a Tax Deduction

Amazing Way to Use Health Insurance as a Tax Deduction

Health insurance is no fun topic. There’s lots of debate around the necessity of paying high premiums. However, if you’re self-employed (i.e. you work as a contractor or freelancer), then pay attention. It’s important to know how to take health insurance as a tax deduction. If you’re self-employed, work as a contractor or freelancer, then …

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PPP Loan Forgiveness

PPP Loan Forgiveness and Recording PPP loan funds

Congrats! You’ve applied and received PPP (Paycheck Protection Program) funds. Now what? Let’s learn about PPP loan forgiveness and how to account for the funds on the books. First, the basics of the PPP funds as a recap. PPP Loan basics review The maximum PPP loan amount is 2.5 times your average monthly payroll expenses, …

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Disaster Loans Available to Small Businesses

Top Questions About Disaster Loans Available to Small Businesses

There’s no doubt about it. The COVID-19 pandemic has upended all aspects of life around the world, including the world of small businesses here in the U.S.  If your business is struggling you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to make loans available to …

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Top 10 Coronavirus Stimulus Questions

Top 10 Coronavirus Stimulus Questions & Answers

With everything that is going on recently, I’m getting lots of questions about when, how and who will receive the stimulus check as part of the latest government actions. Specifically, I’m talking about the CARES Act passed by the US government just last week. So, here are your coronavirus stimulus questions answered. Coronavirus Stimulus Questions: …

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