Author name: Penrose & Associates

The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion of the loan proceeds […]

Summer 2022 and taxes may be the last thing on your mind, but giving tax breaks a little bit of thought now could save you a lot of money when tax season comes around again. Read on for summertime tax tips that might help you save money at tax time. Summertime gives way to many changes and

9 Tax Deductions Every Freelancer and Small Business Owner Needs on Their Radar Running a small business comes with its challenges. You have to navigate business licenses, contracts, marketing, and, perhaps the most daunting task of all, taxes. When you’re a W-2 employee, April 15 is usually pretty simple — fire up TurboTax, pop in your information,

It’s hard to believe that we’re in the last month of the year! With 2021 coming to an end, now is a great time to make some easy and smart tax moves to help lower your tax bill and increase your tax refund when you file. Start compiling all of your receipts for any tax-deductible expenses

A tax credit is an amount of money that taxpayers can subtract directly from taxes owed to their government. Unlike deductions, which reduce the amount of taxable income, tax credits reduce the actual amount of tax owed. The value of a tax credit depends on the nature of the credit; certain types of tax credits are granted to individuals or businesses in

It’s easy to get caught up in choosing investments and forget about the tax consequences, particularly, capital gains tax. After all, picking the right stock or mutual fund can be difficult enough without worrying about after-tax returns. But it’s important to keep consequences in mind, especially for day traders and others taking advantage of the

Generation X is often overlooked in the debates comparing baby boomers and the younger millennials and Gen Z. Here’s one way that Gen X stands out, though it’s probably not for the reason this neglected bunch would like: By most measures, the so-called slackers who came of age in the 1980s currently have significantly more debt than their older

To the millions of people with three rounds of Economic Impact Payments under their belt, stimulus checks may seem like a relic of the early pandemic.  But not, apparently, to fraudsters. The IRS revealed this week that it got “a record number of reports” about stimulus check scams in June and July. Amid curiosity around whether there

The Biden administration has begun to distribute expanded child tax credit payments, giving parents on average $423 this month, with payments continuing through the end of the year. President Joe Biden increased the size of the tax credit as part of his $1.9 trillion coronavirus relief package, as well as making it fully available to families without any tax

Here’s What You Need to Know Cryptocurrency has headlined many news articles, served as the subject of social media posts, and gained significant traction in mainstream culture. Bitcoin, the first digital currency, has grown exponentially in recent years, with a total market capitalization growing from a modest $10 billion in July 2016 to over $1.1