COVID did a number on business finances, which seep into personal finances. Most of us have heard about the $600 unemployment bump and the $1200 stimulus checks meant to help individuals. Even if we are not feeling distress, we should be aware of all the options available to us to improve our financial situations. IRA Contributions Since the 2019 filing date for taxes was extended until July 15th, it was only fitting that IRA contribution dates moved as well. If you are one who does not consistently take advantage of these full annual contributions and you have some cash on hand to invest, your curiosity should be peaked. We have never had so much time to make contribution decisions for 2019. We now have over half of 2020 to glean what Read More...
Minnesota News: Claim expenses related to distance learning due to COVID-19
The Minnesota Department of Revenue has two tax relief programs for families with children in kindergarten through 12th grade: the K-12 Education Subtraction and the K-12 Education Credit. Both programs help lower taxes and may provide a larger refund when you file Form M1, Individual Income Tax. To qualify for either program, both of the following must be true: You have a “qualifying child” attending kindergarten through 12th grade at a public, private or a qualified home school. For more information, see Qualifying Child for K-12 Education Subtraction and Credit. You paid “qualified education expenses” during the year for that child’s education. For more information, see Qualifying Expenses for the K-12 Education Subtraction Read More...
Higher Blends Infrastructure Incentive Program (HBIIP)
In 2020, USDA launched the Higher Blends Infrastructure Incentive Program (HBIIP); this program made $100 million in grants for activities designed to increase the sales and use of higher blends of ethanol and biodiesel. On April 13th, 2022, it was announced that another $100 million in new funding would be opened for applications later this year. These important investments will assist in the development, transportation, and distribution of low-carbon fuels, better market access for producers, and more affordable and cleaner fuels for American consumers. Who is Eligible? Transportation fueling facilities including: Fueling stations, convenience stores, hypermarket fueling stations, fleet facilities, and similar entities with Read More...
HSA Advantages – Did you know…
If you have a Health Savings Account (HSA) (or even if you don't), there may be some benefits that you don’t know about. Most people understand the benefits of tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. While designed primarily to help reduce the financial burden of healthcare, HSAs have some relatively unknown benefits as well. Today, we dive into those. My Employer Doesn't Offer HSA Did you know: even if your employer does not offer an HSA, you can still set one up at many local banks as long as you have a qualifying health plan. For 2020, a self-only health plan needs to have a minimum annual deductible of $1,400 and maximum annual deductible/out of pocket expenses of $6,900 Read More...
Coronavirus Food Assistance Program (CFAP)
Coronavirus Food Assistance Program (CFAP) Are you a farmer or rancher whose operation has been directly impacted by the coronavirus pandemic? The Coronavirus Food Assistance Program will provide direct relief to producers who faced price declines and additional marketing costs due to COVID-19. About the Coronavirus Food Assistance Program USDA Secretary Sonny Perdue announced the Coronavirus Food Assistance program on April 17, 2020. CFAP will use funding and authorities provided in the Coronavirus Aid, Relief, and Economic Security Act, the Families First Coronavirus Response Act, and other USDA existing authorities. This $19 billion immediate relief program includes direct support to agricultural producers as well as the Farmers Read More...
PPP Forgiveness as a Percentage of Staff Maintained
If you are like most businesses, the PPP Loan and its forgiveness potential drew you in immediately. You might have even experienced an expedient cash deposit. It was probably an invigorating first few days of euphoria around the office. Now, like most others you are realizing that your business does not fit neatly inside the 56-day box of forgiveness and you are probably scratching your head at the true outcome, let alone how to fill out the application to report this. Is it starts to get messy as soon as an employee quits, goes on maternity leave, you were forced to ask them to leave permanently based on their performance or someone wants part-time hours up-ending your fine-tuned FTE calculations. Then there are those businesses Read More...
Stimulus Payment – What You Need to Know
Will the stimulus payment impact my refund next year? The stimulus payment is an advance of a new/additional credit, it will not reduce the normal amount you would receive as a tax refund. What happens if your income increases and you qualify for less? You will not have to pay back the difference (only those who are ineligible in the first place are asked to return payments). The payments are also not taxable, so the only way they can affect your 2020 taxes is if you did not receive the full amount you were entitled based on 2020 income. Did you receive a stimulus payment in error? In recent weeks we have received calls from clients regarding stimulus checks that have been sent in error. The IRS recently issued guidance on how to Read More...
Mid-Year FSA and Health Coverage Changes Now Allowed
The IRS announced on 5/12/2020 in Notice 2020-29 that due to COVID-19, they are allowing employers the option to offer increased flexibility with respect to mid-year elections under a Section 125 cafeteria plan during calendar year 2020. The Section 125 cafeteria plan is related to employer-sponsored health coverage, health Flexible Spending Arrangements (health FSAs), and dependent care assistance programs. An employer must amend their Section 125 documents to allow this change if they choose to adopt it. What does this mean for employees? The method of estimating the amount of money you want to save in an FSA (which has historically been effective) for many contributors has shifted. Due to childcare needs being adjusted, and Read More...
PPP Loans – Necessity Certification
The Paycheck Protection Program (PPP) was quickly executed, and with new FAQ’s and Interim Final Rules out on a regular basis, it feels as though the rules are still being written. Many of you that have applied for or received PPP loans are now moving into the documentation and forgiveness portions of the process. Though some parts of the application and forgiveness processes have been clarified, others remain unclear. More recently, there’s been confusion about whether businesses should return the funds to avoid fraud charges—and what fraud even means for businesses with PPP loans. All PPP loan applicants are required to make a “necessity certification,” certifying in good faith that “current economic uncertainty makes this loan Read More...
Farm Loan Flexabilities Through the USDA
If your farm has been affected by COVID, we want you to know that the USDA is providing loan alternatives. At Christianson, our mission is to share knowledge to help you succeed. The U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) is reminding producers that FSA offers farm ownership and farm operating loans to agricultural producers who may not find success obtaining loans from their traditional financial institutions because of COVID-19. Farmers who cannot obtain commercial credit from a bank can apply for FSA direct or guaranteed loans. Below you'll find additional Farm Loan Flexibilities through the USDA. FSA is relaxing the loan making process and adding flexibilities for servicing direct and guaranteed loans to Read More...
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