Things To Know About The EIDL Loan Increase

If you’ve already received an EIDL Loan, the chances are high that you are now eligible to receive additional funds. The cap on the loan was raised from $500K to $2M on September 8th of this year. This is not a “Forgivable Loan” or “Free...

Democracy Is Built On The Backs Of The Middle Class

Democracy Is Built On The Backs Of The Middle Class I received several responses to my communication about the proposed tax increases from Friday basically making statements like, “Sure, but how does this affect me?” The problem is that it might affect you...

House Ways And Means Committee Proposed Tax Changes

Earlier this week, the venerable House Ways and Means Committee published its proposed tax changes for the budget reconciliation bill. To say that the changes only increase taxes on the rich is frankly untrue. There are parts of the proposal that would affect us all....

Estimated Tax Payment Problems For Entrepreneurs In 2021

This year is causing particular problems from an estimated tax deposit standpoint for many of us. Remembering that estimated tax payments are based on last year’s income tax return, how do we know what to pay? Let’s explain this using an example. Joe...

SBA Said To Increase EIDL To $2M After Labor Day

The Small Business Administration is expected to increase the cap on EIDL Loans to the full $2M sometime relatively soon. At the beginning of the pandemic the cap was $150K, then in March of 2021, it was raised to $500K. Prior to the pandemic, the EIDL always had a...

Income Tax Extension Due Dates Are Approaching

If you had a March 15th due date on your S-Corp or Partnership return and it was extended, it is now due September 15th. If you had an April 15th due date on your C-Corp or personal return and it was extended, it is now due October 15th of 2021. If you have an S-Corp...

The First Massive Pandemic Tax Increases

You probably received your property tax bills recently and were outraged by the increases. Most of the bills are showing a 10% to 15% increase over last year. Many in DuPage and Will Counties have seen even more than that. Although property tax abatements aren’t...