You’ve probably heard the terms “will” and “trust”, but do you understand the difference between them, and do you know which one would most benefit your family and assets? Deciding between establishing a will or a living revocable trust depends on your personal...
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What to Know About Unemployment Benefits and Taxes
Millions of Americans who received unemployment benefits in 2020 got a new tax break from the American Rescue Plan Act of 2021, which changed the rules to the way the federal government usually taxes unemployment benefits. Here’s what to know. How the American Rescue...
SBA Changes for Independent Contractors and Sole Proprietors
The Small Business Administration (SBA) recently implemented changes to the Paycheck Protection Program (PPP) that affect self-employed individuals who applied for the loan. Sole proprietors and independent contractors have the ability to take advantage of full...
What’s Included in the American Rescue Plan Act?
Biden signed into law the American Rescue Plan Act of 2021 on March 11, 2021. The $1.9 trillion economic relief package is not the first federal legislative relief package aimed at addressing the economic fallout of the COVID-19 pandemic, but it is the first major...
Extensions of the Employee Retention Tax Credit in 2021
The Consolidated Appropriations Act, 2021 (the Act), which was signed into law in late December of 2020, created more opportunities for using the Employee Retention Tax Credit (ERC). Originally a provision of the Coronavirus Aid, Relief and Economic Security Act...
Tax Season 2021: These Tax Breaks for Individuals Were Extended Under a Recent Tax Law
On December 27, 2020, Congress passed a second Covid-19 relief bill called the Consolidated Appropriations Act, 2021 (the Act). Included in the Act is the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which includes several extensions relevant to individual...
New Business Tax Changes and Extenders in Most Recent Stimulus Package
The Consolidated Appropriations Act, 2021 (Act) was passed by Congress on December 21, 2020, and signed by President Trump on December 27, 2020, granting further Covid-19 relief. This article highlights some of the tax changes and extenders that will be of interest to...
