LLC Refresher

Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCsContinue reading LLC Refresher

Raise Hell PPP Loan

As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package.  Hopefully, in this next package they will include a provision allowing you to deduct business expenses you pay with your PPP money. Let me explain – in the CARES Act, Congress said: For purposes of theContinue reading Raise Hell PPP Loan

The CARES Act and COVID-19

From March 21 to April 25, 30.3 million people filed for unemployment tax. What measures are put in place to help us during a time of crisis?  The first relief effort that came out is called the CARES Act Package. CARES Act stands for Coronavirus Aid, Relief, and Economic Security Act.  This Act included $560Continue reading The CARES Act and COVID-19

Tax Brackets

Currently there are seven tax brackets ranging from 10% to 37%. The dollar amounts that define these brackets change depending on varying factors.  These factors include whether or not you are a single filer – or are you married? Filing jointly or separately? Are you the head of your household?  The brackets vary depending onContinue reading Tax Brackets