Tag: debt

  • Still Have Questions After You File Your Tax Return?

    Still Have Questions After You File Your Tax Return?

    Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can…

  • Possible Tax Consequences of PPP Loans

    Possible Tax Consequences of PPP Loans

    If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance…

  • Home Is Where the Tax Breaks Might Be

    Home Is Where the Tax Breaks Might Be

    If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. Deduction and limits for “acquisition debt” A personal interest deduction generally isn’t allowed, but…

  • Check on Your Refund — and Find Out Why the IRS Might Not Send It

    Check on Your Refund — and Find Out Why the IRS Might Not Send It

    It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it may take longer — and in rare cases, refunds might…

  • Financial Statements Tell Your Business’s Story, Inside and Out

    Financial Statements Tell Your Business’s Story, Inside and Out

    Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business.…

  • Home-Related Tax Breaks Valuable on 2017 Returns; Less So for 2018

    Home-Related Tax Breaks Valuable on 2017 Returns; Less So for 2018

    Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related…