The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) brought changes and simplified the process of filing tax returns for millions of Americans. Although most changes had a positive impact, there was a lot of confusion regarding business expenses. ...
In the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress clearly intended for recipients of forgiven PPP loans to be able to deduct otherwise-deductible expenses associated with those loans for tax purposes. But the IRS has contradicted...
Simplified PPP Loan Forgiveness Process In October 2020, the Small Business Administration (SBA), in consultation with the Treasury Department, made the process easier for forgiving the Paycheck Protection Program (PPP) loans. On the SBA website, businesses...
Tax Deductions for Freelancers and Self-Employed Workers There are various deductions that freelancers and self-employed workers qualify for if they file Schedule C or Schedule C-EZ. If you were self-employed during the previous year or earned any freelance...
In a struggling economy where so many are shifting focus to make ends meet, more people are steering toward becoming independent contractors. The popularization of the “gig economy” by companies such as Uber and Instacart and the coronavirus pandemic...
Recent Comments