The recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what the previous law provided. … Continue reading “Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill”
The majority of U.S. industrial product company CFOs have shared concerns that COVID-19 would impact their businesses negatively. For companies that develop and manufacture products, understanding the product lifecycle and how to work around crises like the COVID-19 pandemic can be effective to help improve the longevity and success of companies. Market Development Stage According … Continue reading “How Companies Can Become More Nimble During the Product Lifecycle”
As the January 2021 World Bank Pink Sheet documented, prices increased month-over-month from November 2020 to December 2020. Highlights include the price of oil jumping by 15 percent. The cost of fertilizer jumped 2.2 percent, grains increased by 3.8 percent and iron ore jumped by 25 percent. While there’s been no official “commodity super-cycle,” according … Continue reading “How Will the Projected Commodity Super-Cycle Impact Investors in 2021?”
In 2020, a year when all income brackets benefited from lower tax rates, the stock market took a nosedive at the beginning of the pandemic. For investors sharp enough to see the opportunity, this was an ideal time to convert a traditional IRA into a Roth IRA. When you conduct a Roth conversion, the assets … Continue reading “Roth Conversion in 2021?”
What if you could save enough for your child to go to college debt-free? It might sound impossible, but with dedication, hard work, and careful planning, you can do just that. According to Dave Ramsey, American personal finance advisor, here are the top three tax-favored plans to get started. The Education Savings Account (ESA) Otherwise … Continue reading “3 Best Ways to Save for College”
In a continuously changing business environment, small businesses have a challenge to keep up. It’s especially expensive to keep pace with ever changing technology. Luckily, with affordable cloud accounting solutions, small businesses can maintain a competitive edge. What is Cloud Accounting Cloud accounting involves moving your business books online. Unlike desktop accounting systems, cloud accounting … Continue reading “How Cloud Accounting Helps Small Businesses Gain Competitive Edge”
American Rescue Plan Act of 2021 (HR 1319) – This $1.9 trillion relief bill provides stimulus money to address the continued impact of COVID-19. Provisions include issuing $1,400 checks to taxpayers, increasing the Child Tax Credit up to $3,000 and the dependent care credit to $4,000, and providing funds for schools, small businesses, renters and … Continue reading “Economic Stimulus, Making the Post Office Solvent Again, Gun Control, Voting Rights and Restricting China’s Influence”
Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these four questions below in mind. If your tax preparer doesn’t ask these questions in your tax organizer … Continue reading “Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19”
As businesses attempt to work their way through to a post-pandemic world, there are various means to bridge the financial gap. As recommended by the U.S. Small Business Administration (SBA), some companies can use a line of credit to reach international customers or opportunities outside the United States to make up for the damage COVID-19 … Continue reading “Some Businesses Rely on Line of Credit to Escape Damages Caused by Pandemic”
Now that the Keystone XL pipeline is being shut down and southern parts of the United States are experiencing extremely cold weather, how will increasing oil prices impact the economy as the COVID-19 vaccine is being rolled out? With West Texas Intermediate (WTI) crude closing at $58.22 per barrel on Feb. 11, 2021, and likely … Continue reading “How Will Surging Oil Prices Impact the Economy in 2021?”
