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NYS PROPOSES TAX INCREASES

New York lawmakers stole the spotlight this week as they were able to agree on — and convince reluctant Gov. Andrew Cuomo to support — strong progressive tax increases on the highest-income households and corporations in the state to fund shared priorities like K-12 education and pandemic recovery efforts. Several other States including Minnesota are proposing…
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SBA Warns PPP Money Likely to Run Out Before Extended Deadline for Small Businesses

With only $66 billion remaining in the Payroll Protection Program (PPP) loan pool, the Small Business Association (SBA) and advocacy groups have warned that funds are likely to run out long before the extended May 31 deadline to apply. If you’ve not yet applied then do so asap. Read the full message: SBA Warns PPP…
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IRS reminds taxpayers to make April 15 estimated tax payment

ESTIMATED TAX PAYMENTS FOR THE SELF-EMPLOYED: The Internal Revenue Service is reminding self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021. The extension to May 17, 2021 for individuals to file their 2020 federal income taxes…
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TIPS FOR REAL ESTATE INVESTORS

DETERMINING LAND VALUE TO CORRECTLY DEPRECIATE YOUR REAL ESTATE PROPERTY. My colleague, Seth Williams from RE Tipster, and a legend in Real Estate investing and related information to keep you on solid ground, is perhaps the best guy to take you step-by-step through the process of determining the land value of the Real Estate you…
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TAX FILING 2020 EXTENDED!

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing…
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IRS -Wait Before Filing Amendment!

The IRS strongly urges taxpayers not to file amended returns related to the new legislative provisions or take other unnecessary steps at this time. I understand folks are anxious and in a rush to get needed monies the new American Rescue Plan Act of 2021 provides. However, the IRS is NOT prepared for these [mid-tax season] tax…
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