After the collapse of Silicon Valley Bank, Signature Bank and the rescue of First Republic Bank, there are many questions about what happened and how you can protect yourself. Q&A: Why did Silicon Valley Bank Collapse? There are several reasons. We all know that there was a run on the bank, but let’s dig a […]
Business
4 Business Risks You Need to be Aware Of
Business is about taking risks to earn a profit. However, there are some risks that can creep up on you slowly or swiftly that can either destroy or greatly damage your business. Health Issues: As we get older, health issues become a larger risk. Common and sudden issues can include heart attacks and strokes. The […]
Would This Have Predicted Bitcoin’s Peak?
Starting a few tax seasons ago, the IRS started to ask the question. “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” What does this have to do with the price direction of Bitcoin? Let me explain. Tax preparers have to ask this […]
Know These 4 Economic Terms to Sound Like an Economist
Do you want to better understand what is happening in the economy and sound extra smart? Here are 4 terms you should know and understand. Inflation: Inflation is the decrease of purchasing power of your money. What used to cost $10 now costs $12 because your money is not as valuable. Good economists know that […]
How Many Returns Are Unprocessed by the IRS?
Can you guess how many tax returns are unprocessed by the IRS as of the middle of March? The number is 7 million unprocessed individual returns. It is taking the IRS more than 21 days to issue any related refunds and in some cases it can take 90 to 120 days. If there are any […]
Your Refund Will Be Delayed Unless . . .
Your refund may be delayed if you don’t report this properly on your tax return this year: Unfortunately, some of the information sent to you may not be accurate. You need to do this instead: If you have children, then go to irs.gov/account to retrieve information regarding the Advance Child Tax Credit. Even if you […]
Tax Deadline & Updates
You may have heard that the IRS extended the individual tax deadline by one month to May 17th, but there are important updates to know as follows: The deadline to file corporate taxes has not been extended and is still April 15th States are expected to extend their deadline, but we’ll have to wait and […]
PPP Deadline Approaching
The deadline for the PPP loan is March 31st, so do not wait to apply if you qualify. Some tips are as follows: Apply through your existing bank You must have 300 or fewer employees Have already used or plan to use your original PPP funds Can demonstrate at least a 25% reduction in revenue […]
Possible Extensions
There have been major challenges with being able to file tax returns, especially business returns, which are due soon on March 15th for s-corporations and partnerships. This relates to new tax laws, loan forgiveness, and delays with states approving tax forms and software. Additionally, New Jersey has new complexities with its new BAIT (Business Alternative […]
Increase & Conserve Your Mental Energy in 5 Ways
What exactly is mental energy? A good definition can be found at PubMed.gov and can be described as “ . . . the ability or willingness to engage in cognitive work.” Why is this important what can you do to manage your mental energy? Importance of Mental Energy Using your mental energy wisely can help […]