Ivy Ting-Wimberly

2020 Year-End Tax Strategies for Marriage, Kids, and Family

2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if...

New Stimulus Law Grants Eight Tax Breaks for 1040 Filers

New Stimulus Law Grants Eight Tax Breaks for 1040 Filers The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer. None of these tax breaks are earthshaking by themselves, but...

Five things to know about employing your spouse.

Five things to know about employee in your spouse 1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages You’ll realize no tax savings if you put your spouse on the payroll and pay him or her cash wages. Employee wages you pay your spouse are fully...

Q&A: PPP Forgiveness Answers for S Corporation Owner-Employees

Q&A: PPP Forgiveness Answers for S Corporation Owner-Employees Tax law definitions do not apply to much of the PPP, making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners. 1. Spouse Owns S...

Spending the PPP Money on You and Your Employees

Spending the PPP Money on You and Your Employees If you report your business income and expenses on Schedule C of your Form 1040, your Payroll Protection Program (PPP) loan forgiveness is straightforward, as you see in the four answers below. 1. Paying Myself...