by Andrews Tax Accounting & Bookkeeping | May 7, 2020 | Educational
Business Deductions and PPP Loans Tax deductions are subtracted from your adjusted gross income which results in paying a lower amount in taxes. Businesses can take advantage of many deductions to reduce their tax bill. Some common deductions for businesses are...
by Andrews Tax Accounting & Bookkeeping | Apr 17, 2020 | Educational
Stimulus Checks This week marks the third week of the IRS depositing stimulus checks directly into taxpayers’ bank accounts. If you have not received your stimulus check it is probably due to one of the following reasons: you are not eligible for a stimulus check, you...
by Andrews Tax Accounting & Bookkeeping | Apr 10, 2020 | Educational
Paycheck Protection Program The SBA is offering loans of up to $10 million to eligible small businesses to protect small business workers. The loan can be forgiven if employees are on the payroll for eight weeks and the loan is used for payroll, rent, utilities, etc....
by Andrews Tax Accounting & Bookkeeping | Apr 3, 2020 | Educational
The CARE Act The Care Act gives a relief payment of $1,200 to adults that make no more than $75,000 annually. This applies to couples that make $150,000 annually (in which the relief would be $2,400). Also, each child under 17 years-old amounts to an additional $500...
by Andrews Tax Accounting & Bookkeeping | Mar 31, 2020 | Educational
The CARES Act Part of the relief from the CARES Act is for small businesses. To keep workers employed and small businesses open, $350 billion dollars has been allocated towards small businesses. Additionally, these loans may be forgiven if small business owners...
by Andrews Tax Accounting & Bookkeeping | Mar 27, 2020 | Educational
Part of the CARES Act Each adult will receive $1,200 ($2,400 for couples) in relief and $500 per child. Relief payments are based on your adjusted gross income reported on your 2019 tax return. Some ineligible payments include children of the age of 17-18 years old,...
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