1. In general, keep records for 3 years.
2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return (Or better yet, report all your income).
5. Keep records indefinitely if you do not file a return (But just plan on filing).
HHS announced plans to distribute $15 billion from the Provider Relief Fund targeted to eligible providers that participate in state Medicaid and CHIP programs and have not yet received a payment from the Provider Relief Fund General Distribution. This funding will supply relief to Medicaid and CHIP clinicians experiencing lost revenues or increased expenses due to COVID-19. Additional payments will also be made to safety-net hospitals.Read More
Have you ever looked at your tax return and wondered how you could get more deductions? I think we all have! I was working with a client who had started a small business working out of her home. She kept good records of all her business expenditures and related receipts, which made it easy to deliver to me prior to the deadline. When I compiled her tax returns, everything had been accounted for – except one thing: her home office!
The Internal Revenue Code provides for additional deductions, even when a taxpayer did not directly pay for something as a business expense – but you have to know what they are (obviously). One tool to have in your toolkit is the home office deduction.
The SBA’s PPP was created to save America’s core economic engine and largest employer, small business. PPP loans are providing immediate cash to incentivize small businesses to keep and rehire their employees. If small business qualification criteria are met, the PPP loan amount is based upon 2.5 months of payroll. Loans are able to be 100% forgiven if the borrower follows SBA guidelines. Initial guidelines stated loans received needed to be spent on payroll and other qualifying expenses during the 24 week period after the loan was received. Payment on any remaining balance post loan forgiveness begins from the date the lender receives forgiveness funds from the government. Ask your lender for details The Interest rate on unforgiven amounts is a whopping low 1% with five-year payment terms, and no collateral or personal guarantees are required.Read More
Did you know the US government will pay the first 6-months of payments on commercial loans from 300k to five million dollars, should it meets specific guidelines and closes before Sept 27th, 2020. The best part – you don’t have to pay them back! The opportunity is separate from the Paycheck Protection Program loan or…Read More
[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text] Have you ever received a letter from the Internal Revenue Service? Are you afraid of what you might find inside? It is easy to want to avoid bad news. Do not…Read More
We are entering the second month of the shutdown. Many of our clients have received their PPP loan funds, no doubt, with a sigh of relief. With money in hand, attention is turning to forgiveness. The percentage of funds used for payroll costs is key to ensuring forgiveness takes place.Read More
Dentist’s ask me every year if they can write-off their car or truck. The answer is yes…maybe…with some limitations. Most questions I receive about taxes, have the answer, it depends. There are nine things to consider before you write-off the cost of a business vehicle.Read More