All in Business Owners

CARES Act and What's in it for me?

CARES Act and What's in it for me?

Eric Maldonado, CFP®, MBA
Business Owners, Charitable Giving, Financial Planning, Economic Update

What’s inside the $2 trillion CARES Act? What’s in it for me?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is designed to provide relief for individuals and businesses who have been hurt by the outbreak. I won’t try to include all 800+ pages in this email, but here are a few key provisions that you should know about:(1)

One-time cash payment. Taxpayers are eligible for a one-time direct deposit of up to $1,200 per adult ($2,400 per couple) plus $500 per child under age 16. Amounts are reduced for those who make more than $75,000 ($150,000 if married). If you have filed your 2019 taxes already, the IRS will use that income to calculate your payment; if not, they’ll use your 2018 tax filing.

Don't Live in Fear of an IRS Audit #financialplanning #tax

Don't Live in Fear of an IRS Audit #financialplanning #tax

Eric Maldonado, CFP®, MBA
Tax Planning, Business Owners

According to the IRS, the chances of you being audited are about 1 in 160.

You likely live in fear of a tax audit. Here ‘s how to protect yourself.

If the Internal Revenue Service suspects you underreported your gross income by 25% or more, it can challenge your return for up to six years. If the IRS suspects you filed a fraudulent return, no statute of limitations applies.

Planning Continues Upon Retirement for Business Owners

Planning Continues Upon Retirement for Business Owners

Eric Maldonado
Financial Planning, Business Owners, Tax Planning

As a business owner, you have invested a great deal of time and effort into building your company over the years. You know the amount of planning needed to maintain daily operations and grow your business. Now, you may be ready for retirement. But, the planning does not end. What you do next, and how you navigate potential tax issues and regulatory pitfalls, can make a big difference in the long-term success of your retirement.

How Small Businesses Can Take Advantage of Tax Reform #TCJA

How Small Businesses Can Take Advantage of Tax Reform #TCJA

Financial Media Exchange
Business Owners, Tax Planning

The Tax Cuts and Jobs Act (TCJA) of 2017

The Tax Cuts and Jobs Act (TCJA) of 2017 created substantial new tax breaks for companies of all sizes, but owners of smaller businesses in particular may still be reviewing how much their tax burden could change under the new legislation. The deductions individual business owners can take advantage of and the value of these tax breaks will vary considerably depending on the nature of their business activities, their income levels, and other factors that they may be able to adjust to maximize their tax benefits.