Tax benefits of owning a home. Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. As of November 2020, the nationwide average for a 30-year fixed-rate mortgage was just under 3%, the lowest it has … [Read more...] about What are the tax advantages of owning a home?
Congress Has Authorized a Second Round of PPP Loans. Article Highlights: Paycheck Protection Program.Eligible Entities.Loan Terms.Loan Forgiveness.Forgiveness Reduction.Simplified Loan Forgiveness.Deductibility of Expenses.Funds Availability. Congress passed, and President Trump … [Read more...] about PPP Loans – Second Round of Congress
The Difference Between Employee and Independent Contractor Filing annual wage reports is just one of the many end-of-year responsibilities expected of every business. But the task is not as straightforward as some would think. The reports get sent to the people who have received wages, … [Read more...] about Difference Between Employee and Independent Contractor
What Does a Tax Deduction Save You? Article Highlights: Non-business deductions.AMT.Tax bracket.Above-the-line deductions.Business deductions. Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer.The reason the benefit … [Read more...] about What Does a Tax Deduction Save You?
Most Common Types of IRS Tax Problems Receiving notification from the Internal Revenue Service (IRS) that there’s some kind of problem is one of the most bone-chilling situations an American taxpayer can experience. Just receiving an envelope with a return address from the IRS contribution can … [Read more...] about IRS Tax Problems: Most Common Types