April 1, 2020 -- Volume 19, No. 4
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The CARES Act: What's in It for You
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020, is a $2.2 trillion package to provide relief from the pandemic-triggered economic problems. For small businesses, there are a lot of positive opportunities, from borrowing to tax relief.
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IRS-Provided Tax Relief Related to the Coronavirus
In an ongoing series of moves, the IRS and Congress are working to create tax relief for individuals, small businesses, and large corporations impacted by COVID-19. Here are 3 key IRS moves to help taxpayers.
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More Coronavirus-Related Tax Relief: Q and A
As the COVID-19 pandemic continues, so, too, do the actions of Congress to help on the economic front. The
previous blog covered IRS relief actions. This blog focuses on relief from Congress.
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Summer Internships: What to Do Now
The COVID-19 has turned everything upside down. Usually, at this time of the year, businesses are planning on hiring summer interns. Should you do this now? Will companies be back in business by then and need to use interns? What does the law require if you decide to use interns?
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Working from home—full time or occasionally—has become the norm for many business owners. It’s been my norm for more than 35 years. And with the advent of the coronavirus, this arrangement—for owners and employees—may become imperative for some period of time.
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5 Other Tax Actions Prompted by Filing Your Return
Note the due dates have been updated -- April 15 due date for individuals and corporations is now July 15, 2020. The first installment of estimated taxes has changed to July 15, 2020. Here are 5 actions that you should consider taking in conjunction with filing your income tax return.
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Understanding Corporate Taxes
With the dramatic cut in the corporate tax rate to 21% by the Tax Cuts and Jobs Act, there’s been some increased interest in operating as a C corporation (a regular corporation) as opposed to a pass-through entity (a sole proprietorship, partnership, limited liability company, and S corporation). C corporations are a business entity formed under state law and taxed in a special way.
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Preparing for Economic Changes: Meeting the Challenges from the Coronavirus
The world first heard about the coronavirus a month ago. Yet it has intruded on many aspects of life and certainly has a negative economic effect. People are changing travel plans. Colleges are canceling studies abroad. The stock market took a dramatic downturn for days and days. And drug companies are working furiously to discover more about the virus and to develop a vaccine.
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Women-Owned Businesses 2020
The month of March is is designated as Women’s History Month, which is a great time to consider the impact of women in businesses. ...So how are we doing?
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Who Should Prepare Your Small Business Taxes?
If you're unsure where to start with business taxes, this article provides an overview of your tax obligations and will help you determine whether to seek a tax professional or use tax software.
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How to Conserve Business Cash Flow During the Coronavirus Pandemic
The challenge for businesses to remain viable is to continue cash flow. There are many ways to conserve your business cash flow … during these difficult times and even when the pandemic passes and the economy recovers.
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Small Business Tax Deductions You Should Know
Not sure what write-offs you can claim as a small business? Our guide to small business tax deductions walks you through your options to help you navigate small business taxes with (relative) ease.
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Remember, the free online Supplements for both tax books are available now!
The tax law is not static. Since the publication of this book, Congress has enacted a massive spending measure—the Further Consolidated Appropriations Act, 2020.
You'll find the Supplement
here.
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And the free online Supplement
for
1001 Deductions and Tax Breaks 2020
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A Beginner's Guide to the Qualified Business Income Deduction (QBI Deduction)
The Qualified Business Income deduction is a valuable tax deduction for those who can claim it. Learn whether your business income qualifies for the QBI deduction this year.
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Recent Radio Interviews
Hear my interview with
Financial Quarterback
And my conversation with
L. Scott Ferguson on
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Watch this interview conducted by David Leopold highlighting my book,
J.K. Lasser's
Small Business Taxes 2020,
and hear important small business updates and tips you can use!
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Recommended Reading
What every self-employed person needs to know about their taxes!
This second edition helps you file your taxes correctly, accurately, and on time.
Available for purchase
from Amazon
now.
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An eBook for Ride-Sharing Drivers!
Harvey Bezozi and I created an e-Book for Uber and Lyft drivers as the GPS to help them get where they want to go in their business, safely and securely.
You can find
The Uber/Lyft Drivers Tax & Business Guide, Kindle Edition, on
Amazon today! --
NOTE: This is a newly-updated version.
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175+ Big Ideas for Your Small Business
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