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It's not what you earn, it's what you save. Discover how you can change your financial life one penny at a time.
Small Business Tax Extension IRS Form 7004
Track your USPS Certified Mail Receipt here https://tools.usps.com/
How to get a live agent on the phone at the IRS
If you’re having trouble getting a live agent on the phone at the IRS you are not alone. It’s extremely frustrating when you have tax questions and need to speak to someone at the IRS. Here is exactly how to get a live agent on the phone at the IRS. The phone number for the…
PPP 2nd Draw: 7 Mistakes to Avoid
The SBA document from the video is here. The PPP 2nd Draw Application from the video is here.
The American Rescue Plan Text
Here is the text for the American Rescue Plan. We will have a video up here shortly breaking it down. If you are a small business owner, self employed, independent contractor or on a marketplace plan you should take a closer look at the American Rescue Plan Act. The new act has a marketplace…
PPP Second Draw Loan Requirements
A quick recap of the criteria that’s important. 25% reduction in revenue year over year or comparing any of the 4 quarters from 2019 to 2020. It’s a necessity that you actually need this money. You used ALL of the first round of the PPP money on APPROVED expenses. There is other criteria but these…
Stimulus Check and Stimulus Package Bill Text
Here is the text for the stimulus check and stimulus package that was signed by President Trump on Sunday December 27th, 2020. Page 784. Subtitle B-COVID-related Tax Relief Act of 2020. This is the beginning of all the information covered for individuals and the pandemic relief. Page 797. Sec. 274. Extension of certain deferred…
529 College Savings Plan Gifting
I was setting up my youngest daughters 529 College Savings Plan the other day and saw a gifting link on the 529 plan website. I’m always being asked how much to set aside for college and what are the best plans and strategies. But most of those strategies are funded by you and thought maybe…
529 College Savings Plan Cost Calculator
Here is the link to the 529 Plan cost calculator. The link originated on the Utah 529 Plan but they are not the designer or responsible for the data. It is accurate but I wanted to point that out because I did mention it in the video. https://tools.inviteeducation.com/tools/college_savings_estimator?client_id=209
Unemployment Update November 25th 2020
Unemployment Update November 25th 2020. https://www.dol.gov/ui/data.pdf The initial claims for unemployment increased by 30,000 which is not surprising given the new restrictions for businesses around the country. The market is at an all time high suggesting that unemployment may revert the trend back down toward pre-pandemic levels. The unemployment report is much different as an…
Unemployment Update August 28th [Trump Executive Order Unemployment]
In this video I’m talking about the Stimulus Package update with the Trump Executive Order on Unemployment. Which states are approved for the FEMA $300 unemployment and which states are approved for $400 unemployment. The minimum qualifications to receive the Executive Order Unemployment benefit is $100 from the existing state or federal unemployment benefits. The…
How to hire your child [Tax Deduction]
IRS Family Help page The SBA website, “5 reasons to hire your child.” FLSA Child labor Rules Rules for working under 14 Child labor exemptions from The US Department of Labor How and where to apply for your businesses EIN on the IRS website. The 17 Hazardous Occupations by…
Trump Payroll Tax Deferral
Here is the White House Memo on the Payroll Tax Deferral Here is the code for the Treasury Secretary Power to delay Payroll taxes 26 U.S. Code § 7508A. IRS site for CARES ACT section for deferral of employment taxes Here is the tax code for social security 26 U.S. Code § 1401.Rate of tax