Monthly Archives: July 2020

Taking out a loan? Answer 3 questions first

Taking out a loan? Answer 3 questions first

For many Americans, debt has become a way of life. A recent LendingTree analysis of the latest Federal Reserve data showed that total U.S. consumer debt is on track to exceed $4 trillion this year. The analysis showed Americans collectively owe more than 26 percent of their monthly income on consumer debt, including car loans, credit card accounts and student…

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Accounting Basics: Passive Activity

Accounting Basics: Passive Activity

A passive activity is a business activity in which a taxpayer does not materially participate. Material participation defined. So just what is material participation? In general, material participation requires you to be involved in the operation of the activity on a regular, continuous, and substantial basis. If you do not meet this threshold, the activity is deemed passive in the…

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Protect Your Medicaid Identity from Scammers

Protect Your Medicaid Identity from Scammers

With more than 40 million Americans seeking unemployment benefits over the past 2 months, states are doing their best to keep up with the avalanche of applications. States are also bracing for an increase in Medicaid enrollment as many Americans get pushed off their employer’s health care plan. If you need to apply for Medicaid, here’s how you can protect…

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Be Smart on the Road and Save Money

Be Smart on the Road and Save Money

Most Americans are doing what they canto cut their budget and save money. One of the biggest expenditures for individuals and families is gas for vehicles. Although gas prices have declined in recent months courtesy of the COVID-19 pandemic, inflation isn’t dead. In fact, history suggests that over time gas prices will continue their inexorable march upward. That’s why prudent…

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Time to Build Your Case for Loan Forgiveness

Time to Build Your Case for Loan Forgiveness

It’s now time to build you case to ask for loan forgiveness if your business received a loan from the Small Business Administration (SBA) Payroll Protection Program (PPP). That’s because there is now guidance on filling out the new Loan Forgiveness Application. Background Around three quarters of small businesses in the United States requested relief from the SBA PPP loan…

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