Category: Tax Deductions and Credits

7 Year-End Tax And Financial Planning Tips

Author: Philip Weiss No Comments

7 Year-End Tax and Financial Planning Tips It’s hard to believe we’re halfway through 2021’s fourth quarter. The clock is ticking on the 2021 tax year. This week I’m going to share some strategies investors should have on their radar screen as the year winds down. While I’m sharing some year-end planning strategies, you should […]

Starting a New Business? Get Up to $100,000 in Tax-Free Money

Author: Candice Gerlach No Comments

https://candicegerlachcpa.com/starting-a-new-business-get-up-to-100000-in-tax-free-money/ You likely already know that the employee retention credit (ERC) is a good deal—if you qualify. Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to $100,000 of ERC in the third and fourth quarters of 2021 if you begin the business after February 15, […]

Deducting Disaster Losses for Individuals

Author: Candice Gerlach No Comments

https://candicegerlachcpa.com/deducting-disaster-losses-for-individuals/ We seem to be living in an age of natural disasters. Uninsured losses to personal non-business property such as your home, personal belongings, or personal car due to a disaster can be deductible. But the rules are complex and not as generous as they used to be. Only Casualty Losses Are Deductible Damage to […]

COVID-19 Relief Law Turbocharged Employee Retention Credit

Author: Candice Gerlach No Comments

When Congress passed the CARES Act in March 2020, most businesses took advantage of the Paycheck Protection Program (PPP) loan to help keep them afloat. Congress also authorized a second option to help employers—an employee retention credit fully refundable against the business’s payroll tax liabilities. Since a business could do only one or the other, […]

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