Even before the pandemic, the Small Business Administration offered Economic Injury Disaster Loans for "losses not covered by insurance or funding from the Federal Emergency Management Agency (FEMA) for both personal and business" expenses and for "business operating expenses that could have been met had the disaster not occurred."
In January, you expect to get in your mailbox most of the papers you need to document income, interest and withheld taxes that you have to report. Investment-related 1099s often come in February. Some W-2s come via the postal service, while others are announced via email, telling you that documents are available online and may be landing in your inbox soon.
As we emerge from the pandemic and begin to find new ways of operating in the world, businesses are debating whether to bring employees back to the office, have them stay remote or develop a hybrid model. The decision will impact many areas of the business.
Profitability is the ability of your business to earn a profit. A profit is what's left of your generated revenue after you pay all your expenses, such as the ones involved in producing your product.
A spousal lifetime access trust (SLAT) is an irrevocable trust that authorizes the trustee to make distributions to a spouse if a need arises. It can be designed to benefit one's children, grandchildren or future generations. A lifetime gift tax and a generation-skipping tax exemption can be used to shield contributions to the trust and future appreciations from transfer taxes.
An IRS audit reviews and examines an organization's or individual's accounts and financial information to ensure it's reported correctly according to tax laws and to verify the reported amount of tax is correct.
Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment benefits from taxes.
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