Government Clarifies PPP Loan Forgiveness for the Self-Employed We now have both the new clarity and an easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. New Easy Road to 100 Percent Forgiveness Say thanks to the Paycheck Protection Program Flexibility Act of 2020. This new law creates a 24-week period for you to spend your PPP loan proceeds. If you obtained your loan proceeds before June 5, you can elect to use the eight-week period to … [Read more...] about Tax-saving Tips
Tax-saving
Tax-Saving Tips
Does No 1099 Mean No Deduction for You? Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct? No. IRS auditors often make this claim, but they are incorrect. There is no provision in the federal tax law that denies you a deduction for labor expenses simply because you didn’t file the required Form 1099s. But the tax court has stated … [Read more...] about Tax-Saving Tips