Great. One more tax to pay. But this one can save you money. Let us help make it easy… complete with pictures.
taxes
The IRS has released its statistics from 2019 filed tax returns… great, maybe now they can start answering the phone.
This is interesting data and will be utilized for all kinds of important matters, such as: census data, political wrangling, arguments for/ against income inequality, arguments for/ against “paying their fair share”, informing tax policy and enforcement matters, and measuring contests… to name just a few.
What’s the breakdown? Keep going and find out!
A pragmatic person may ask “How is this going to get paid for?”… drumroll please… TAXES!
By far, the number one question we hear, typically thrown out in almost “hey why not” fashion, is: “What can I do to pay less in tax?”
Beyond having a great idea, product, or service; beyond being able to lead a team; beyond being able to get your message out and generate attention; beyond doing the work… your business needs cash!
The SBA pushed out guidance on the new “PPP Second Draw Loans” yesterday. While we still don’t have sight of the application and the “portal” isn’t open for banks to submit loan packages we do have more answers – not all, but more.
Health and accident insurance premiums (this includes premiums for spouse and family coverage as well) paid on behalf of a 2% S corporation shareholder-employee should be reported as wages on the shareholder-employees Form W-2.