Category: Blog

Sole Proprietors, PPP Loans and Home Office Expenses

The August 27th Interim Final Rules seem to allow a sole proprietor to include home-office expenses toward loan forgiveness. This is in direct contradiction to the April 14th IFRs which say home-based expenses DON’T count. Here is what the latest IFR says, regarding home-based businesses: “(T)he borrower may include only the share of covered expenses [...]
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Retirement Withdrawals, Home Purchases and the 10% Early Withdrawal Penalty

If you take money out of a retirement account to buy a house (for example to make a down payment), you can avoid the 10% early withdrawal penalty … but only on IRA withdrawals. The rules on retirement withdrawals are tricky and vary between 401(k) accounts and IRAs. With home purchases, you can take money [...]
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Making IRA Contributions After the End of the Year: Good or Bad?

I usually advise my clients against making IRA contributions for the prior year after the year has ended. Let’s back up. What are we even talking about here? IRA Contributions After Year-End A taxpayer who qualifies to make a deductible IRA contribution (WARNING: not everyone does qualify!) can make a contribution up to the due [...]
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