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Employee Retention Credits

You Can Have Tax-Free PPP Money AND Tax Credits from the Employee Retention Credit The CARES Act, enacted on March 27, 2020, prohibited you from getting both Paycheck Protection Program (PPP) money and tax credits from the Employee Retention Credit (ERC); you had to choose one benefit or the other. Now, thanks to the new

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Winter Storm Uri and Your Taxes

IRS ANNOUNCES TAX RELIEF FOR TEXAS SEVERE WINTER STORM VICTIMS Did you suffer from the power outages?  Did the freeze kill your landscaping?  Did you have some plumbing bills for busted pipes?  With all of this, you didn’t have enough to claim on your insurance because your deductible is high?  There may be deductions that

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The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the tax provisions in ARPA. Provisions Affecting Individuals Recovery rebate credits

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Premium Tax Credit: Taxpayers with Household Income Over 400% of Federal Poverty Line Made Eligible

Under pre-American Rescue Plan Act (ARPA) law, individuals with household income above 400% of the federal poverty line (FPL) weren’t eligible for the Premium Tax Credit (PTC). Under ARPA, for 2021 and 2022, the premium tax credit is available to taxpayers with household incomes that exceed 400% of the federal poverty line. This change will

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Reminder: Columbus Day and Tax Planning

Columbus Day is a federal holiday here in the United States. It’s also celebrated in many countries in central and south America and also the Caribbean. In 2020, it’s observed here in the US on October 12 and can serve as a useful reminder of the time to file your taxes if you requested an

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Home Office Deductions and COVID-19

With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly

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Moving to Texas?

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

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COVID-19 Pandemic May Create Tax Benefit Opportunities For You And Your Family

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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Covid Update

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

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What Does the SECURE Act Do For Your Retirement Planning?

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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