Taxation

Restaurant Revitalization Fund

I wanted to make you aware of some federal grant funding that could provide additional funds to you and your business.

 The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. The program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more that $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

 What is most important to you is who qualifies for the funding. Included under the eligible entities are “brewpubs, tasting rooms, taprooms” as well as “snack and nonalcoholic beverage bars”. These entities qualify assuming onsite sales to the public compromise at least 33% of gross receipts.

 This program could provide you with significant funding for operating costs. Please let me know if you would like to discuss further or would like assistance in preparing to apply for these funds.

 

You can find more information at SBA.gov.

Educator Expenses Deduction Made Permanent

Educator Expenses Deduction Made Permanent

In 2002, an above-the-line deduction for certain classroom expenses of kindergarten through 12th-grade educators was added to the Internal Revenue Code (“Code”). Under this temporary provision of the Code K-12 teachers, instructors, counselors, principals, or aides could deduct up to $250 directly from income when reporting adjusted gross income. This temporary provision was extended six times before, as part of the Protecting Americans From Tax Hikes (PATH) Act of 2015 finally made this benefit to our nation’s teachers permanent.

Homeowner Tax Deductions

Homeowner Tax Deductions

Home ownership can feel like a giant milestone in becoming a “grown up”. You finally have that place to call your very own. You get to decorate it exactly the way you want. You can paint the walls white, or green, or black, or pink. You can turn a bedroom into an office or a dining room into a personal spa. It is finally your own personal space.

Tax Tips for Actors and Artists

Tax Tips for Actors and Artists

Actors, artist, and musicians hold a special place in all of our hearts. At some point in our lives we have all been touched by the performance of an actor in a movie, TV show, or on stage. All of us have felt the thrill and excitement of hearing the latest song from our favorite band or singer. Most of us have had some piece of art hanging on our walls, even if it was simply a movie poster hanging on the wall of our dorm room. The point is that we all know and love artists.