We will not mince words here: getting divorced can be a long, drawn-out, and complicated process — both personally and professionally. But since we are not therapists, we will be focusing on how to handle your taxes when both parties have a stake in a small business. Keep reading for advice on future tax implications, retirement accounts, and more from our experts at Core Group.
Due to the pandemic, it’s likely that you or someone you know works remotely, at least temporarily. Here are a few factors to keep in mind when filing your taxes, potential problems that may arise, and relief opportunities that may be available to you. When in doubt, our experts at Core Group can help you devise the tax strategy that’s right for you.
Meet Penelope, a fictional, full-time freelancer who offices from her small (but cozy!) home. Since her home office takes up about 25% of her home, she’s been deducting 25% of her maintenance costs as business expenditures for the past five years. But now she’s ready to sell her home. What tax implications can she expect to face? Does the IRS now classify 25% of her profit as business income? Here’s what to expect when selling a home with a home office.
There are more than just PPP loans in the Consolidated Appropriations Act of 2021. Live event operators will eligible for grants up to $10 million, which can be used for eligible expenses. At least $2 billion in grants are set aside for small employers. Small employers are defined as those with not more than 50 full-time employees.
To answer your question, no Congress is not done. In the wee hours of December 21st, they passed the Consolidated Appropriations Act 2021 and included an extension of the popular Paycheck Protection Program (PPP) for 2021.
What is the difference between Short Term and Long Term debt? Why do I see my loans on the balance sheet twice?
Working from home was already building momentum before “social distancing” became a household buzzword. Now, some studies predict that 50% of employees from one-third of companies may continue working from home long after the pandemic ends. Many businesses are beginning to hire employees who already reside in other states, which comes with drawbacks and perks. Employers have more options than ever before when recruiting new talent. Yet welcoming more remote workers aboard doesn’t just mean more employees are now working in dress shirts and sweatpants. If only it could be that simple . It has implications for your taxes as well –– especially if some of your employees have relocated to other states either temporarily or permanently. Here are some factors to consider when navigating this uncharted territory.
As a child, you fear the monster in your closet. There are dark shadows peeking out of the cracked door. As soon as you turn on the light you see what you thought was a big one eyed monster was actually just your winter coat. The fear of the unknown does not disappear when you become an adult. Now you fear your finances and tax season, which without guidance, can be just as dark and scary.
Everyone says you have to see the Grand Canyon before you die. It is a life changing experience and photos do not do it justice. You hire a travel agent to book the trip for you and your spouse. Would you trust the travel agent to write your itinerary without ever meeting with you? The next thing you know you have tickets to take a helicopter tour around the Grand Canyon which is perfect except for your spouse’s fear of helicopters. It is important that you are a part of the planning process because you could have quickly informed the agent that it might be better to see the canyon from the observation deck instead.