Dunc Financial

Many Tax professional organizations asked for it and the IRS delivered......well kinda 😅⁣
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The Filing and Payment deadline has been officially pushed back to May 17th.⁣
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The IRS provides some relief after the American Rescue Plan was signed into law just last week by President Biden with tremendous tax implications. ⁣
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Many wanted to see the deadline pushed to June similar to victims of Natural Disasters but the IRS did not oblige. ⁣
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REMEMBER if May 17th is not enough time you can still file an extension of time to file until October 15th. However and taxes due are to be paid by May 17th. ⁣
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If you need help filing be sure to use the Link in Bio to schedule a FREE consultation. ⁣
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Don’t spend it all in one place 😅⁣⁣
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With the Senate passing the latest Stimulus Bill, it looks like the next wave of checks being sent out is imminent. These checks will start at $1,400 and be targeted to a smaller demographic of people with incomes between $75,000 and $80,000. They will be based off of your income from your 2019 or 2020 tax return.⁣⁣
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Be sure to follow for more updates on the stimulus along with tax and business tips.⁣⁣
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If you are interested in any of our services, be sure to use the “Book” button on our page to set up your FREE consultation.⁣⁣
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There are two main types of deductions: above-the-line deductions and below-the-line deductions. ⁣
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You claim above-the-line deductions first. They directly reduce your gross income before any other taxes or deductions have been applied. The IRS does not use the term above-the-line deduction on official tax forms and usually just refers to them as adjustments to income. Subtracting above-the-line deductions from your income gets you to the Adjusted Gross Income or AGI. ⁣
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Then you can claim the standard deduction, which is a set amount that doesn’t change regardless of your financial situation. Individuals with certain types of personal expenses can choose to deduct the exact value of those expenses instead of the standard deduction. ⁣
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These are called itemized deductions and are what people usually mean when they refer to below-the-line deductions. Very few amount of people qualify to itemize deductions after the Trump Tax Cuts. ⁣
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Most itemized deductions require you to have spent more than a certain percentage of your AGI on eligible expenses. ⁣
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Your total itemized deductions also need to be more than the standard deduction in order for you to claim any of them.

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President Biden announced changes to the remaining funds of the 2nd round of the PPP program in order to target Minority and Smaller Businesses. ⁣
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The first round of PPP saw many smaller businesses being passed over for larger corporations that technically qualified, but many wouldn't consider a small business that the program was intended for. Biggest takeaways: ⁣
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📌2 Week period where businesses with less than 20 employees can apply for the program set to start Wednesday, 2/24 ⁣
📌Revise Loan Calculation to ensure Sole Proprietors and Independent Contractors are covered with $1 billion set aside ⁣
📌Remove restriction preventing small business owners with non-fruad felony from getting funding ⁣
📌Remove restriction on small business owners with delinquent Student Loan Debt ⁣
📌Granting access to non-citizens who are lawful residents with ITIN ⁣
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There has been no changes to the March 31 expiration date at this time, but President Biden's 'American Rescue Plan' will look to add another $7 billion into the program.⁣
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📊📚📈 🤗

Pay attention to what happens in turbulent times. It really reveals what’s important to people (or the government).

Entrepreneurship isn’t for everyone and with the internet and social media, it gets over glorified and over demonized.

However, relying on 1 stream of income can be dangerous if things go wrong. Nothing wrong with having a side hustle to bring in extra money and allow you to take advantage of some of the same tax benefits that business owners have.

Check the Link in My bio to download ‘The Tax Playbook’ for free and get tips and a document checklist to help you file an accurate tax return and avoid the IRS letters.