Author: Courtney Healy
While 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer’s retirement savings program. Fully funding Health Savings Accounts […]
In May, the IRS released Notice 2020-32 announcing that businesses would not be able to deduct otherwise allowable expenses that were paid in connection with a forgiven Payroll Protection Program (PPP) loan. After this notice was released, additional questions remained. Mainly, would businesses be allowed to deduct PPP related expenses on 2020 tax returns if […]