Tax Tuesdays with Toby Mathis 03-31-2020

2020-04-07

As most of us experience financial hardship due to the COVID-19 pandemic, there is support through the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. When doing your federal and state income taxes, stay up to date and safe. Toby Mathis and Jeff Webb of Anderson Advisors continue to practice social distancing to answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors. Highlights/Topics: What are updates on the tax impact of COVID-19? Tax Grace Period: July 15, not April 15 i...

Highlights/Topics:

What are updates on the tax impact of COVID-19?
- Tax Grace Period: July 15, not April 15 is deadline to file your federal taxes
- Families First Act: Addresses FMLA and other payments
- CARES Act: Options for everyone, from forgivable loans to stimulus checks
Is the stimulus check based on adjusted gross income (AGI) or taxable income? AGI for 2018 or 2019 determines if you qualify for stimulus check
How to apply for stimulus check, if you qualify? No need to apply, IRS direct deposit
Can a partnership LLC be assigned directly to a living trust? Yes
Can I hire someone outside the United States to do my bookkeeping? Don’t do it
What are the best practices for a small business to record and track its profit/loss expenses? Check your numbers and hire a qualified bookkeeper

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Resources:

Unlock Free Money from the New Stimulus Bill - CARES Act with Clint Coons and Toby Mathis

Tax-Wise Business Ownership by Toby Mathis

Infinity Investing Workshop

CARES Act

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)

Coronavirus Tax Relief

Families First Act

Family and Medical Leave Act (FMLA)