Don't scramble to get all your finances together a few days before the deadline. If you do, you're setting yourself up for disaster. This has never been more true than this year.
Legislation in 2019 — the Taxpayer Certainty and Disaster Tax Relief Act — resurrected or extended several income tax breaks. But Congress giveth and taketh away, and several of them will expire at the end of 2020, as noted below:
For debtors drowning in bills, bankruptcy can seem like the only solution. But they must first exhaust other possibilities first:
When the COVID-19 pandemic begins to finally ease, will your business be ready to ramp up operations? The real question here, of course, is whether businesses will be able to operate the way they’ve traditionally operated. Company leaders must strategically plan for what’s next — the “new normal.”
On the federal level, employer-only taxes include Social Security tax, Medicare tax, and federal unemployment (or FUTA) tax, which are administered by the Internal Revenue Service (IRS). On the state level, employers are on the hook for state unemployment (or SUTA) tax, which is administered by the state workforce agency.
If you're the victim of a major disaster, you might be entitled to government relief. But you will need records to help you prove disaster-related losses for tax purposes, federal assistance and insurance reimbursement.
The PPP loan program, slated to end on June 30, will now accept applications until Aug. 8, thanks to a last-minute bill passed by Congress.
Dollar-cost averaging is an investment strategy to build savings over the long term. So, if you are worried about money for retirement, this may be something to consider. Not everyone has money to spare in tough times to put into a 401(k) account, but if you do, you can reap great rewards by staying with the program.
Every year, eager entrepreneurs try to launch new businesses, hoping to become the next Microsoft or Starbucks. However, a great many will not succeed, as debts pile up and customers fail to materialize. In those cases, bankruptcy may be the only way out. It doesn't have to be the end of the world, but to make the process go as smoothly and quickly as possible, owners should know the basics of how it works.
COVID-19 has triggered many brick-and-mortar entities to to either strengthen or create their online presence. This, in turn, has forced them to address sales tax complexities they didn't have to contend with when all sales were local.
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