Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can donate to more than one… Read More
Small business owners, self-employed workers and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the new… Read More
Millions of Americans already received their economic impact payment. But what if you’re still waiting or your payment was for an incorrect amount? Here are some common scenarios why you may not have received your payment, or the payment you did receive was for an incorrect amount, and what you can do. Your payment was… Read More
Find out if you owe the IRS an estimated tax payment You may owe the IRS a tax payment for your 2020 tax return and not know it. Most Americans have income taxes withheld from their paychecks, with their employer sending a tax payment to the IRS on their behalf. This year, however, many more… Read More
Shuttered businesses are realizing that lifting lockdown restrictions doesn’t mean a return to business as usual. Social distancing guidelines and a public wary of venturing into crowded environments means light customer traffic for many businesses. Here are several ideas to help local businesses financially as they re-open their doors: Continue buying gift cards. For many small… Read More
It suddenly just got a whole lot more difficult to buy a home The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible changes for consumers are new requirements for taking out a mortgage. Here are some tips for working with banks… Read More
Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200 economic impact payments most Americans received… Read More
Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as… Read More
Avalanche of new remote workers creates latest playground for hackers Hackers have found their new playground amid the increased use of video conferencing during the coronavirus pandemic: Zoombombing! Zoombombing defined Named for the company Zoom, the unfortunate first high-profile victim of this phenomena, zoombombing occurs when internet trolls hack video conference meetings and join as… Read More
Families First Coronavirus Response Act provides worker benefits The Families First Coronavirus Response Act is a new law passed last month that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs… Read More