Mauro M. D'Amico, Inc

Breaking: The IRS is delaying the beginning of the 2020 tax season to February 12, 2021

End of week tax fact from Mauro M. D'Amico Inc

Congress has authorized a second PPP loan draw but has generally limited the applicability to small businesses with 300 employees or fewer that suffered a 25% or more reduction in gross revenue during any quarter in 2020.

The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.

First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?

Mauro M. D'Amico Inc has a fun tax fact to share with you.

Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.

Here is some midweek Wednesday Wisdom inspiration from your friends at Mauro M. D'Amico Inc

Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.

Looking for a sign? Here's your Monday Motivation from Glendale based Mauro M. D'Amico Inc

Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.

It matters how you get there. Wednesday Wisdom from Mauro M. D'Amico Inc

The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.

If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.

It's go time! Glendale based Mauro M. D'Amico Inc has some motivation for you today.