by Betro and Company, PC | Jan 23, 2021 | Tax Savings
College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. The tax law has provisions to help you cover the costs, including Coverdell accounts, Section 529 savings plans, and Section 529...
by Betro and Company, PC | Jan 20, 2021 | Tax Savings
Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020. The IRS is...
by Betro and Company, PC | Jan 14, 2021 | Tax Savings
From what we know, when lawmakers originally passed the PPP they thought that under its provisions, you did not pay taxes on the forgiveness amount, andyou also could deduct the expenses that you paid with the PPP money. Obstacle In late April, the IRS issued Notice...
by Betro and Company, PC | Jan 10, 2021 | Tax Savings
If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax savings may be a mirage if you don’t pay your...
by Betro and Company, PC | Jan 3, 2021 | Tax Savings
As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often confusing) ride so far. With the new rules for PPP loans of $50,000 or less, you escape the most difficult part of the loan...
by Betro and Company, PC | Apr 15, 2019 | Tax Savings
Tax reform’s Section 199A deduction often confuses small-business owners and tax professionals alike. It’s quite possible you’ll get a Schedule K-1 from a business that omits the information you need to calculate your deduction. What do you do? You have a big...
