Showing posts from May, 2021

Tax-Saving Tips April 2021

  Tax-Saving Tips   April 2021   PPP Extended—Act Fast or Miss Out   This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies.   A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase “when the money runs out,” and be forewarned that this can happen within weeks. So don’t procrastinate—not even for one day.   If you qualify for the first-draw PPP money, complete your application now. The money is going to run out fast—and once it’s gone, so is the PPP. Legislatively, the new round for the PPP ends on May 31. The clock ticks.   You qualify for the PPP if any of the following are true:   ·          You file your taxes on Schedule C of your tax return. Businesses that file on Schedule C include independent contractors, single-member LLCs, proprietorships, and statutory employees, such as life insurance salespeople. ·          Y