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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 […]

THE WHALEN GROUP YEAR-END TAX PLANNING FOR 2019

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. 1.263(a)-4(f).  […]

Tax Savings Tips October 2019

THE WHALEN GROUP Tax-Saving Tips October 2019 WHAT IS GROSS DOMESTIC PRODUCT (GDP)? –  The GDP represents the total dollar value of all goods and services produced over a specific time period. WHAT IS THE GDP OF THE UNITED STATES OF AMERICA? – The GDP for fiscal year ending September 30, 2018  was 20.5 trillion […]

Tax Savings Tips September 2019

Make the RMD from Your Traditional IRA Tax-Free Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the RMD tax bite, possibly […]