For purposes of the Paycheck Protection Program (PPP) loan and how it’s calculated there have been a lot of discussions around how to properly document your financial need.
The deadline for filing federal tax returns, as well as the tax payment deadline, has been extended from April 15 to July 15 due to the disruption caused by the coronavirus pandemic. Don’t hesitate to call with any questions or concerns.
Generally, you can contribute up to $6,000 of your earnings for the tax year 2019 (up to $7,000 if you are age 50 or older in 2019). You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.
Once an organization receives tax-exempt status from the IRS, there are certain requirements that must be adhered to in order to maintain tax-exempt status.
While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of.
The 2019 Tax Changes include standard mileage rates, health care tax credit, Section 179 Expensing and Depreciation, Work Opportunity Tax Credit and IRA Contributions. Read more about the specifics here.