Original Article Source Credits: forbes, https://www.forbes.com

Article Written By: Brian Menickella

Original Article Posted on: Dec 14, 2020

Link to Original Article: https://www.forbes.com/sites/brianmenickella/2020/12/14/year-end-tax-planning-tips-for-2020/?sh=10d2a718d661

Original Article Source Credits: the balance, https://www.thebalancesmb.com

Article Written By: JEAN MURRAY

Original Article Posted on: December 28, 2020

Link to Original Article: https://www.thebalancesmb.com/getting-an-sba-7-loan-for-small-business-398040

Original Article Source Credits: forbes, https://www.forbes.com

Article Written By: Jared Hecht

Original Article Posted on: Oct 27, 2020

Link to Original Article: https://www.forbes.com/sites/jaredhecht/2020/10/27/why-you-shouldnt-worry-about-ppp-loan-forgiveness-yet/?sh=7488de1949db

Original Article Source Credits:   Business 2 Community , https://www.business2community.com/

Article Written By:  Angela Hausman, PhD

Original Article Posted on:  November 18, 2020

Link to Original Article:  https://www.business2community.com/strategy/3-simple-ways-to-protect-your-business-during-covid-19-02363699

Original Article Source Credits:   CNET , https://www.cnet.com/

Article Written By:  Clifford Colby, Jessica Dolcourt, Katie Conner

Original Article Posted on:  Nov. 30, 2020 

Link to Original Article:  https://www.cnet.com/personal-finance/second-stimulus-check-has-a-future-12-things-to-know-before-2020-ends/

The Ninth Circuit affirmed a district court and held that a couple could not treat the operation of three rental resort properties as a rental activity under Code Sec. 469 and, thus, the losses associated with those properties were treated as passive activity losses. The court rejected the couple's argument that the property management companies that marketed and rented the properties were the "customers" for purposes of determining whether the average stay by customers was greater than seven days, as required by Reg. Sec. 1.469-1T(e)(3)(i). Eger v. U.S., 2020 PTC 242 (9th Cir. 2020).

Recently passed tax bill denies (effective for amounts incurred after 12/31/17) the deduction for business entertainment (events, athletic events, recreation and amusement, etc.).  The 50% deduction for business meals is still available assuming all the requisite requirements are maintained (documented as to who, what, when, where, and that a substantial business discussion takes place during the meal). Comparison between the old law and new law: Type 2017 Law 2018 Tax Reform Employee Recreational Event Deduct Deduct Entertaining Clients 50% Deductible Only Meals 50% Deductible Lois 50% Deductible 50% Deductible Meals provided for convenience of employer that are not included in employee’s gross income (de minimis fringe benefits) 100% Deductible 50% Deductible

Entrepreneurial thinking of starting your own business

For calendar year tax returns reporting 2017 information that are due in 2018, the following due dates will apply. Form 2018 Filing Due Date (Tax Year 2017) Form W-2 (electronic or mail) January 31st Form 1065 – Partnerships March 15th Form 1120S – S Corporations March 15th Form 1040 – Individuals April 17th FinCEN 114 – FBAR (will be allowed to extend) April 17th Form 1041 – Trusts and Estates April 17th Form 1120 – C Corporations April 17th Form 990 Series – Tax Exempt Org May 15th Form 5500 Series – Employee Benefit Plan July 31st   Form Extended Due Dates Form 1065 Extended Return September 17th Form 1120S Extended Return September 17th Form 1041 Extended Return October 1st Form 1120 Extended Return October 15th Form 1040 Extended Return October 15th FinCEN 114…

Click here to download tax summary 2017 report

President Trump recently signed the tax reform bill into law, and it makes major changes to the U.S. tax code for both individuals and corporations. 1. New individual tax rates and brackets For 2018 through 2025, the new law keeps seven tax brackets, but six are at lower rates. In 2026, the current-law rates and brackets would return. The temporary rate brackets under the new law are as follows.   Single Joint Head of  household 10% tax bracket  $0 – $9,525  $0 – $19,050  $0 – $13,600  Beginning of 12% bracket $9,526 $19,051 $13,601 Beginning of 22% bracket  $38,701 $77,401 $51,801 Beginning of 24% bracket  $82,501 $165,001 $82,501 Beginning of 32% bracket $157,501 $315,001 $157,501 Beginning of 35% bracket  $200,001 $400,001 $200,001 Beginning of 37% bracket  $500,001 $600,001 $500,001   One thing to notice from these brackets…