The 2020 Texas Relocation Report reported that 86,164 Californians moved to Texas. According to NerdWallet’s Cost of Living Calculator, housing costs are 75% lower in Houston versus San Francisco. Food costs are 30% lower; transportation costs are 31% lower and so on. If you’re considering moving to a different state, taxes in the new state […]
The COVID-19 Pandemic May Create Tax Benefit Opportunities For You And Your Family members. For example, you could hire your under-age-18 children, pay them, say, $10,000 each, and they could pay zero federal income taxes. And you or your corporation, the employer, would deduct the $10,000 you paid to each of the children. The child
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The Coronavirus has wrecked the economy and the impact on small business has been enormous. Congress is trying to help. The Republican National Hispanic Assembly is pleased to present GLO’s Carl Glaw who has been sifting through the legislation and will share what he has learned about how your business can benefit and maybe even
Jesus Has Risen Mary Magdalene and the other Mary went to look at the tomb. There they saw an angel of the Lord sitting on the stone that had sealed Jesus’ tomb. The angel said to the women, “Don’t be afraid. I know that you are looking for Jesus, but He is not here; He
(Note: this article reprinted BKD CPAs & Advisors’ article “Small Business & Nonprofit SBA Programs Available with the Impacts of COVID-19”) Economic Injury Disaster Loan The SBA’s EIDL program is available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations that have been directly affected by the SARS-CoV-2 virus and
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Families First Coronavirus Response Act Treasury, IRS and Labor announced plans to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave. On Monday the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning. Here are eight important reminders about this new law: You can’t use contributions made in 2020 but applied to 2019 for any SECURE Act provisions that apply to contributions made after December 31, 2019. If you inherit
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The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return. Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes: If you receive bitcoin in exchange for your services, then your income is the fair
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If you are self-employed, you have much to think about as you enter your senior years, and that includes retirement savings and Medicare. Here a few thoughts that will help. Keep Making Retirement Account Contributions, and Make Extra “Catch-up” Contributions Too Self-employed individuals who are age 50 and older as of the applicable year-end can
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The Tax Cuts and Jobs Act (TCJA) likely requires that you rethink the tax strategies you were using on your vacant land investments. And the TCJA changes may be such that you have to rethink vacant land as an investment, at least for the years impacted by the TCJA. Overview The vacant lot and unproductive
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