Here's some motivation for your Monday from Francois Accounting & Tax Service LLC
If you are receiving temporary home mortgage relief under the CARES Act or in danger of having your home repossessed, know that any debt relief can have an impact on your taxes. Watch this video to find out more.
For those who love learning: here's a tax fact from Francois Accounting & Tax Service LLC.
The federal credit for the purchase and installation costs of a residential solar-power system is fading away and will no longer be available after 2021; plus, the credit itself is being reduced.
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Solar Tax Credit is Sunsetting Soon
Midweek Wednesday Wisdom from Francois Accounting & Tax Service LLC
The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
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Keeping Your Designated IRA Beneficiary Current is Important
First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?
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What Happens if I Missed the October 15th Tax Extension Deadline?
End of week tax fact from Francois Accounting & Tax Service LLC
Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.
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12 Financial Metrics Small Business Owners Should Track
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.
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Don't Miss Out on Year-End Tax-Planning Opportunities
Wednesday Wisdom and Francois Accounting & Tax Service LLC = Success
Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.
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Are You Keeping Track of Your Investment Basis?
Some Wednesday Wisdom from your friends at Monroe based Francois Accounting & Tax Service LLC
If you plan to start a new business, there are a number of decisions and possible elections you can make that will influence what form of business you select and how you decide to deduct costs. These choices can affect the tax outcome of your business for years to come.
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New Business? Tax Issues to Consider
An individual must have compensation in order to contribute to an IRA. However, a non-working or low-earning spouse is allowed to contribute to his or her own IRA based upon the compensation of the working spouse. Watch this video to learn more.
Start your week on the right foot with Monday Motivation from Francois Accounting & Tax Service LLC
Here's your tax fact of the week from your friends at Francois Accounting & Tax Service LLC.
The SBA U.S. Small Business Administration (SBA) has initiated a compliance program to evaluate the good-faith certification that borrowers made on their PPP Borrower Applications related to need for the loans due to economic uncertainty as a result of COVID-19. This program will apply to borrowers whose loans are $2 million or more.
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SBA Questioning PPP Borrowers with Loans Over $2 Million
Learn about taxes from your friends at Monroe based Francois Accounting & Tax Service LLC.
Although day trading is neither illegal nor unethical, it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money or sustain the losses that day trading can bring. Satisfying the rules that permit special tax treatment for day traders is difficult.
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Day Trader Rules and Tax Treatment
Tap into your full potential. Wednesday Wisdom from Francois Accounting & Tax Service LLC
If you were a victim of a major natural disaster, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 has special rules about retirement plan and IRA distributions, retirement plan loans, how to compute disaster losses, and relief for non-itemizers. Employers may qualify for a new employee-retention credit.
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Tax Relief for Victims of 2020 Natural Disasters
It's go time! Monroe based Francois Accounting & Tax Service LLC has some motivation for you today.
The Good Shepherd - Minister Kesha January
