My business received between $30,000 and $50,000 in PPP funds. I have several questions regarding the tax implications, how to allocate the funds, and the forgiveness process: 1) Are PPP funds taxable even if used for allowable expenses, and how is the tax calculated for an S-corp? 2) Are non-converted PPP funds still taxable? 3) How much of the PPP funds can I pay myself as a 100% owner? 4) How much can I pay my wife, who is not an owner? 5) Can I pay my 7-year-old son who works in the family business? 6) How does the reduction in full-time employees affect PPP forgiveness? 7) Can 1099 compensated individuals be included in the forgiveness calculation?

July 26th, 2023

I sent my 2019 tax returns on February 2, 2020, and expected a refund. The return was sent to Austin, Texas, but since the pandemic, I haven't received anything. IRS.gov says they have no record of our return. What should I do to track my refund and understand why it hasn't been processed?

July 10th, 2024

As a 1099 independent contractor, how does forming an LLC and operating my business in my name, with myself being paid through the business, help me with taxes?

February 18th, 2024

I have a $25,000 tax lien in Colorado for federal taxes owed. I just got approved for an SBA loan for a completely unrelated business. Will the state take that $25,000 from my business checking account automatically? Is there a way to protect that money while negotiating a payment plan with the IRS? Also, I owe around $75,000 in federal income tax and haven't filed for the last 3 years. Should I pursue an offer in compromise, and is it worth hiring a tax professional for assistance?

May 28th, 2024

How do tax brackets work for married couples filing jointly? Specifically, if my taxable income is $160,000, would I be taxed at 22% on the total amount, or would it be taxed at different rates for different portions of the income?

June 24th, 2023