Five Tax Credits
08 February

Five Tax Credits for Your 2020 Tax Return

Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. Here are five major credits for you to consider for your 2020 tax return. 1. Higher Education Credits The tax law gives parents a choice between two possible tax credits for higher education expenses: American Opportunity Tax Credit (AOTC).With the AOTC, the maximum annual credit …

16 December

Confused about CARES loans? Clarification from the IRS on the Tax Treatment of PPP Loans

PPP Background: Anticipating the economic consequences of the COVID-19 pandemic, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March. As a result of this passage, the Payment Protection Program (PPP) afforded a significant loan to small businesses. In its initial stipulation, Congress assured that, in addition to forgiving the principal amount of the loan …