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Author Archive for: ‘UMMC’

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    Important Tax Deadlines

    2021 individual quarterly estimated federal tax payments are due June 15, 2021, September 15, 2021, and January 17, 2022 for the remainder of the year. The extended business tax deadline is September 15, 2021 and the extended individual tax deadline is October 15, 2021. In …

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    Options if Taxes are Owed and Payment Can’t be Made by the Due Date

    The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who ends up owing? The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties …

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    How You Can Defer Taxes with Installment Sales

    Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain …

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    Start-Up Expenses You Can Write Off For a New Business

    Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small businesses, may be helped …

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    How the New Stimulus Bill May Affect You

    On Monday, December 21st, the U.S. Senate and House of Representatives passed a bill that includes $900 billion in stimulus relief in an effort to help individuals and businesses during the ongoing COVID-19 pandemic. Here are a few highlights of the bill that may impact …

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    Year-End Charitable Planning Opportunities

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    As the end of the tax year approaches, it is worth spending a few minutes reviewing some of the changes that have been made in the tax laws surrounding donations to charities. In some cases, this guide will serve as a refresher regarding revisions made …

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    New Text Scam Related to Stimulus Payments

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    The IRS has warned taxpayers of a clever scheme by internet scammers to trick taxpayers into revealing their bank account information under the appearance of receiving the $1,200 Economic Impact Payment (EIP) that Congress authorized last Spring. Criminals are relentlessly using COVID-19 and Economic Impact …

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    IRA Opportunities During the Pandemic

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    As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage …

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    Small Biz Funding Application Available

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    In an effort to keep you as informed as possible in this ever-changing environment, we are letting you know that the Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. Please review the documents listed under …

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    SBA Economic Injury Disaster Loan Program (EIDL)

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    Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Find more information on the SBA’s Economic Injury Disaster Loans at: https://www.sba.gov/ The EIDL Program provides targeted, low-interest loans to small businesses and …

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