The Covid-19 pandemic pushed many to work from home. And that reality begs an obvious question: Do any of these people get a Covid-19 home office deduction? In many cases, the answer is “yes.” But the rules get tricky… The Home Office Deduction in a Nutshell Section 280A(c)(1) of the Internal Revenue Code creates the […]
Simple Trust Tax Planning Ideas Can Save Big Dollars
Many taxpayers understand—at least in a general way—how individual tax returns work. Someone earns or receives income. The taxpayer gets some deductions. Often including a big “standard deduction” that means someone doesn’t pay income taxes on the first $12,000 or $24,000 of income. And then the tax rates paid? A familiar set of percentages. Often […]
How Taxes Work for PPP Loans
Sometime in the next few days, the Paycheck Protection Program, or PPP, will restart. We’re just waiting now for the President to sign the bill the House and Senate already passed. For the millions of small businesses who have borrowed PPP money, the new law includes a windfall. The PPP loan money now counts as […]
Avoiding Taxes on PPP Loan Forgiveness
How a PPP borrower fills out the 3508 forgiveness application matters for taxes.