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THE WHALEN GROUP Tax-Saving Tips

Is Your Travel Day Personal or a Tax-Deductible Business Day?   When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night?   The rules also affect your costs during the day. When you have an overnight […]

Benefit Big from the Work Opportunity Tax Credit

The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about. Suppose your business hires a member of a targeted group. In […]

YEAR-END TAX PLANNING FOR 2020

BUSINESS TAX ISSUES   Prepay Expenses Using the IRS Safe Harbor   You just have to thank the IRS for its tax-deduction safe harbors.  IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS, (IRS Reg. […]

Tax Saving Tips September 2020

Still Time to Get $150,000 from the SBA Can your business use an infusion of cash to deal with losses caused by the COVID-19 pandemic? The hugely popular federal Payroll Protection Program (PPP) that paid forgivable loans to millions of businesses ended on August 8 (although it could come back in revised form). But you […]

JOE BIDEN IS NOW THE DEMOCRATIC PRESIDENTIAL CANDIDATE LETS LOOK AT HIS TAX PROPOSALS OR LACK THEREOF

“Biden has not released a single formal tax plan, but he has proposed many tax changes and increases connected to spending proposals related to issues like climate change, infrastructure, health care, education, and research & development. Most of these proposals center around raising income taxes on high earners as well as on businesses. Selected highlights of Biden’s tax […]

Tax Saving Tips August 2020

Bonus Depreciation Some Are Learning From Our Example In recent months, several countries have introduced accelerated depreciation as a measure to incentivize private investment, including Australia, Austria, Germany and New Zealand.  Countries around the world are experiencing sharp economic down turns as a result of the COVID-19 health crisis. They need to gain more support […]

Tax Savings Tips July 2020

THE WHALEN GROUP Tax-Saving Tips July 2020 Government Clarifies PPP Loan Forgiveness for the Self-Employed We now have both the new clarity and an easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. New Easy Road to 100 Percent Forgiveness Say thanks to the Paycheck Protection Program Flexibility Act […]

Tax-Saving Tips May 2020

Self-Employed with No Employees? Get Your COVID-19 Cash Now Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no strings.” It’s […]

Tax Saving Tips March 2020

At the end of this letter is a reprint of the Committee on Finance Report, Stimulus Package Outline, Chairman Chuck Grassley Use Your Business to Maximize Charitable Donations Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give. But for the purposes of tax savings, […]

THE WHALEN GROUP

Tax-Saving Tips January 2020 Congress Reinstates Expired Tax Provisions Congress let many tax provisions expire on December 31, 2017, making them dead for your already-filed 2018 tax returns. In what has become a much too common practice, Congress resurrected the dead provisions retroactively to January 1, 2018. That’s good news. The bad news is that […]