Tax Insights with Hawkins Ash CPAs

This past week, the national news networks have declared Joe Biden the next President of the United States. And although Donald Trump would beg to differ, let’s assume the networks are correct. On today’s show, I want to start to look into the Biden tax plan. No politics, just the facts. This week, we will talk about the tax increases, and next week (pending no major news), we will talk about the...

A couple of weeks ago, we talked about the new PPP loan forgiveness application for businesses with loans under $50,000. This podcast provides an update as it may be time for companies to start the loan forgiveness process if they have not already.

Many people have said during the COVID-19 pandemic that "We're all in this together." Well, for many small business owners in Wisconsin, there is a grant using the name "We’re All In Small Business Grant – Phase 2."

The latest PPP (Paycheck Protection Program) loan forgiveness form is for the new guidance issued by the Treasury Department and Small Business Administration (SBA) on October 9, 2020. This new guidance makes it easier for small loans to get forgiven.

A final reminder to people who have not yet filed their 2019 individual tax returns: They are due on Oct. 15, 2020!

Although there are still many unanswered questions and uncertainty regarding the Paycheck Protection Program (PPP), guidance issued within the last couple months is starting to refine the loan forgiveness process. For many employers, it appears that the loan still will be forgiven, but they may need to rely more on payroll expenses than they initially thought.

The tax benefits of Health Savings Accounts (HSAs) apply to a wide range of age groups and income levels. With the tax law changing over the last few years, most taxpayers are now taking the standard deduction, which really limits the amount of deductions available for medical costs. But did you know that you can take an HSA even if you take the standard deduction?

As the cost of childcare continues to increase, more and more parents and guardians are looking for ways to reduce this cost. This credit can help. Learn more about who is eligible, what expenses do and do not count, and how families can decide the best option for them.

From a combat pay exception to a property tax credit in the state of Wisconsin, some of the benefits of being in or retired from the military are really helpful when it comes to doing one’s taxes at the end of the year. Learn more about other exemptions and how one’s surviving spouse may be impacted by certain veteran and military tax benefits.

On Aug. 8, 2020, the President signed four executive orders. One of those orders was to defer certain Social Security payroll taxes until the end of next year. Find out more about this deferral, including income limitations and repayment.

In the past, one of the only ways to pay taxes was via paper check. But now the IRS and many states have found ways to pay taxes electronically without any fees. Listen in to learn more about advantages of utilizing this method, as well as available payment methods.

Whether contemplating the launch of your own business or already starting out, surrounding yourself with a good team is key. Attorneys, accountants and bankers are some of the people who can help answer some of the most challenging startup questions about legal paperwork, business structure, financing and more.

Being a business owner is not an 8 to 5 job. You have to focus on everything from customers and vendors to making and shipping products—as well as accounting work. Teaming up with a trusted advisor can help, but where should you start when trying to find one?

For students heading back to school, one of the most popular college tax credits available right now is the American Opportunity Tax Credit (AOTC), an annual credit up to $2,500 per eligible student. Find out more about eligibility, income limits, who gets to claim this credit, how it is calculated and more.

Catch up on some of the changes that have happened this year about required minimum distributions and how they are calculated—including the new minimum requirement distribution age of 72.

IRAs and other retirement accounts are really designed for, well, retirement. But in these trying times, there are circumstances that dictate the need to take out those funds early, for that "rainy day." Listen in to find out more about penalties, ways to avoid them and even some exceptions to the rule.

When it comes to making gifts—either to family or non-family members—there are a lot of things to consider, including some gifts that may have tax consequences. Listen in to learn more about gifting limits, things that cannot be gifted, reasons to make a gift to someone and more.

If you inherit an IRA, the income that you receive from that may be taxable to you, and those inherited IRAs are subject to distribution requirements that depend on what your relationship was to the person who passed away. This podcast delves into the ins and outs of inherited IRAs.

As baby boomers continue to get older, it is likely that—within the next decade—we could see a wealth transfer to the next generation. For those starting to work through this transition, the number-one question that we get asked is, “How is this going to affect my survivors from a tax point of view?” Listen in to learn more.

As we get closer to the July 15, 2020, tax filing deadline, there are still a number of things that can you can do to reduce your 2019 taxes, including contributing to IRAs, other retirement plans and Health Savings Accounts (HSAs). Listen in to find out more about these and other provisions extended by the IRS and the states.

If you have not filed your tax return as of yet, those returns are going to be due in less than a month on July 15, 2020. Find out what happens if someone cannot file before then, and why you might not yet have received your refund if you did already file.

In a welcome change for many business owners, Congress passed and the President signed what is called the Paycheck Protection Program Flexibility Act. This legislation actually makes it easier for businesses to get enough of those qualified expenses in order to get their Paycheck Protection Program (PPP) loans forgiven. Here is what we know as of June 9, 2020.

Today, people working in the gig economy (or "side hustle") are doing more than just getting that traditional second job. They are self-employed, for the most part, and all of that income still has to be reported on a tax return. Listen in to learn more.

There has been a lot of talk about the Paycheck Protection Program (PPP), and although there is a lot of information out there, many small businesses have not even looked into the program. If you have heard about it and either not taken the time to look into it, or maybe did not think it applied to you, take this opportunity to listen in and learn more. Here is what we know as of May 28, 2020.

On May 15, 2020, the Paycheck Protection Program (PPP) loan forgiveness application was released. While there are still a lot of unanswered questions, this document starts to clear things up. Here is what we know as of May 20, 2020.