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 […]
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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 […]
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 […]
IRS Delays Tax Season Plus Important Deadline Reminders
With all of the last minute tax law changes the IRS needs more time to program their systems. Here are important filing dates: February 12th: IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins. February 22nd: Projected date for the IRS.gov Where’s My Refund tool being updated for those claiming […]
PPP2 Overview
Questions about PPP2? Here is an overview: How much is the loan amount? The amount is 2.5 times your average monthly payroll during 2019 or trailing 12 months. For hotels and restaurants the amount is 3.5 times average monthly payroll. How to qualify? You must have 300 or fewer employees Have already used or plan […]
Are You Tired of Overspending on Christmas?
Even with the best of intentions, almost everyone overspends on Christmas. Here are a few ideas to keep overspending to a minimum: Go easy on electronics: Electronic devices, aside from TV’s, are usually the smallest, most expensive items to purchase. Top of the line smart phones cost more money than computers and laptops. Also go […]
5 Black Friday Mistakes I Made in the Past
Today is Black Friday and there are sales on virtually everything. It can be both a fun and stressful experience, and there are some mistakes I made in the past: Allowing myself to be convinced to wake up at 5:30 AM or was it 4:30 AM?. Waking up early does not bring out my “best” […]
Are You Ready to Complete Your PPP Loan Forgiveness Application?
Did 24 weeks pass after you received your PPP funds? If so, then now is the time to complete your PPP loan forgiveness application. Here are a few tips from the SBA: There are several different forms to use, including SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent. To quickly […]