SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

The SBA is expanding loan opportunities for nonprofits and small businesses struggling during COVID-19, allowing loans of up to $500,000 under the EIDL program.
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Don't Miss Out on Tax Credits

Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including as a form of assistance for lower-income taxpayers, to stimulate employment, and to stimulate certain investments, among other things.
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How Employee Stock Options Are Taxed

Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock at a future date at a specific price. Generally, options are not immediately vested and must be held for a period of time before they can be exercised. Then, at some later date, and assuming the stock price has appreciated to a value higher than the option price of the stock, the employee can excise the options (buy the shares), paying the lower option price for the stock rather than the current market price. This gives the employee the opportunity to participate in the growth of the company through gains from the sale of the stock without the risk of ownership.
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Writing Off Your Business Start-Up Expenses

Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation. These type of expenses not deductible in the first year of the business must be amortized over 15 years. If a taxpayer who incurred start-up expenses does not make the election, the start-up costs must be capitalized, meaning that the expenses can only be recovered upon the termination or disposition of the business.
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You Can Expense Business IT Purchases

Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets purchased and placed in service before the end of the tax year. For businesses using the accrual method of accounting, the purchase must have been completed and the equipment placed in service before the company’s year-end.
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Owe Taxes and Can't Pay by the Due Date?

The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing?
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The US Loses Out On $1 Trillion a Year Due to Tax Cheats, IRS Estimates

IRS Commissioner Chuck Rettig has announced the US may be losing up to $1 trillion a year in evaded taxes. Among the tax evasion techniques are cryptocurrency, illegal income, underreporting from pass-through businesses, and offshore tax evasion.
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How to Protect Your Data in QuickBooks

Your QuickBooks company file is gold. Keep it safe from fraud and intrusions.
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