IRS releases 2021 amounts for Health Savings Accounts

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.

NancyJune 2, 2020Health Saving Accounts, HSA, HSA 2021, COVID-19, Lethert

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in the new guidance.

NancyJune 2, 2020PPP Loans, COVID-19, Coronavirus, PPP Loan Forgiveness

Business charitable contribution rules have changed under the CARES Act

Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions.