Effective March 3rd, 2021 the U.S. Small Business Administration (SBA) announced revisions to Loan Amount Calculation and Eligibility allowing individuals who file an IRS Form 1040, Schedule C Profit or Loss from Business, to calculate their maximum loan amount using gross income instead of net profit. Who Can Apply? Sole proprietors, Gig workers, [...] Read more
Is PPP Loan Forgiveness Taxable? Forgiven PPP loans are not taxable for federal income tax purposes. But you must check with your state for state level taxation. We are listing the states below which announced the taxation of Forgiven PPP loans. We will update the list as more announcements come. Forgiven PPP [...] Read more
Unemployment, stimulus payments, working from home and even that side income are few of many things that may impact the way taxes will be filed this year. In this article we will cover the impact of pandemic on tax filing and other topics for tax year 2020. Unemployment Unemployment income is taxable, and [...] Read more