Aurora Financial Services Newsletter
Tax Credits for Schedule C Businesses without Employees - December, 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).
2021 Last-Minute Year-End General Business Income Tax Deductions - November, 2021
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.
Taxation of 529 College Savings Account Withdrawals - October, 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.
Save Your Employee Retention Credit, Claim Vaccination Credits, & More - September, 2021
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.
Don’t Miss Out on the Employee Retention Credit - August, 2021
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.
Is Your Travel Day Personal or a Tax Deductible Business Day? - July, 2021
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?
Benefit Big from the Work Opportunity Tax Credit - June, 2021
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.
Self-Employed During the Pandemic? Lawmakers Did Not Forget You - May, 2021
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.
PPP Extended—Act Fast or Miss Out - April, 2021
COVID-19 Tax Relief Measures - March, 2021
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? - February, 2021
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.
New Forgiveness Rules for Past, Current, and New PPP Money - January, 2021
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.
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