Aurora Financial Services Newsletter 2021

Obtaining a tax credit is the next best thing to paying no taxes at all. Here are six tax credits that many Schedule C businesses with no employees can claim (and of course, you can qualify for these credits with employees, too).

Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful business tax-deduction strategies that you can easily understand and implement before the end of 2021.

The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college costs. Here are six important points to know about 529 withdrawals.

In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners. Find out more about this and other topics in Septembers Newsletter.

It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). Find out if you qualify here.

When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night?

The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollarfor-dollar reducer of your taxes is one to know about.

Usually, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help.  But this time it’s different. Because of the COVID19 pandemic, you can qualify for the following seven benefits.

This is likely it—your last chance to obtain firstand second-draw Paycheck Protection Program (PPP) monies

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. Here are insights into some of the changes. 

Who qualifies for first-draw PPP money today? You, most likely—if you file a business tax return and have not yet received any PPP monies. But don’t wait. The money is going to run out fast, and once it’s gone, so is the PPP.

Good news: the new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pocket if you have or had PPP money. Meaning, this deal applies to your past PPP loan, the PPP loan you have outstanding, and the PPP loan you are about to get if you have not had one before.