by John Boyle, CFP®, EA, CTC, CEPA | May 15, 2021 | Business Planning, Tax Planning
Business meals tax deductions have been limited by lawmakers since 1986: first to 80%, and then to 50% (unless a limited exception applies). But on December 27, 2020, in an effort to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new,...
by John Boyle, CFP®, EA, CTC, CEPA | Apr 2, 2021 | Business Planning, Tax Planning
Most employers rarely considered the Employee Retention Tax Credit in favor of Paycheck Protection Program loans before the December 27, 2020 enactment of the new COVID-19 relief law. But now the game has changed. You may, as a PPP recipient, qualify to take the...
by John Boyle, CFP®, EA, CTC, CEPA | Jan 13, 2021 | Business Planning, Tax Planning
If you received an initial Paycheck Protection Program loan, you can qualify for a second round (called a “second draw”) of tax-free PPP cash. To qualify for the second-draw Paycheck Protection Program loan, you must: have 300 or fewer employees; have suffered a 25...
by John Boyle, CFP®, EA, CTC, CEPA | Jan 1, 2021 | Business Planning, Education Planning, Estate Planning, Insurance Planning, Investment Planning, Retirement Planning, Tax Planning
The purpose of the Financial Planning Pyramid is to help prioritize your schedule of financial planning tactics based upon your circumstances and goals. While it’s relatively easy to earn an income, effectively prioritizing your cash flow isn’t clear to many people...
by John Boyle, CFP®, EA, CTC, CEPA | Dec 17, 2020 | Business Planning, Tax Planning
Tax deductions for qualified Paycheck Protection Program expenses have been disallowed. But that could change with your help… Here’s the landscape. Obstacle In late April, the IRS issued Notice 2020-32, which asserts that PPP loan recipients may not deduct...
by John Boyle, CFP®, EA, CTC, CEPA | Apr 13, 2020 | Business Planning, Tax Planning
Here’s some possible good news: Congress decided to give you significant relief with self-employment and payroll tax credits due to the COVID-19 pandemic. If you own a corporation or you’re self-employed, then self-employment tax and payroll taxes are likely two...
