Is a Tax Time Bomb Lurking in Your Paycheck?

Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. This deferral of the employee’s portion of Social Security will raise your paycheck temporarily until January, 2021. Beginning in 2021,…

Keep Your Retirement Nest Egg Golden

Imagine retirement is on the horizon. You have saved for years and invested in a mix of stocks and bonds. You’ve garnered a healthy return. And though you often cringed when the market nosedived, you stood firm and resisted the temptation to panic. Now you want to retire, but you’re wondering what are the risks?…

IRS urges employers to choose carefully when selecting a payroll service provider

Using a reputable firm or group can protect employers from fraud; options include PSPs, RAs and CPEOs WASHINGTON — The IRS reminded employers today to carefully choose their payroll service providers following continuing concerns that some disreputable organizations can fail to deposit employment taxes, leaving businesses vulnerable to unpaid bills. Many employers outsource their payroll and…

Be Prepared For Higher Taxes

“Tis impossible to be sure of anything but death and taxes.” The Cobbler of Preston by Christopher Bullock (1716) This old adage by Christopher Bullock is still true today, but there’s actually a third certain thing in life – fluctuating tax rates! The past 50 years includes a roller coaster of increasing and decreasing tax…

Debt Forgiveness May Qualify for a Tax Break

Having a debt forgiven is usually bad news when it comes to taxes. While you no longer have to worry about repaying the debt, the IRS considers the value of the forgiven debt as income, just like it was cash that somebody gave you. There are, however, several exceptions to the general rule of debt…

PPP Loan Forgiveness Applications Can Be Submitted Starting August 10

The Small Business Administration (SBA) will tentatively begin accepting forgiveness applications for Paycheck Protection Program (PPP) loans starting August 10. The date is tentative because as of this article’s publication date, Congress was considering legislation that could make various changes to the current PPP loan program. Here is what you need to do to apply…

Get Rid of Your Kids’ Summertime Blues

Have some family fun with these activities (while social distancing, of course!) Let’s be honest. This is a strange summer. With many recreation activities canceled or significantly altered because of this year’s pandemic and social distancing guidelines, families need to be creative to keep their kids energized and engaged. Never fear! Here’s a list of…

How Stay-at-Home Orders Change Money Habits

The most fruitful periods of growth often happen when they are the least expected. Teachers and parents call them teachable moments. By reflecting on how you handle the situation, you can learn a lot about yourself. The disruption caused by this year’s pandemic is a massive teachable moment for all of us regarding money. Here…