Common Tax Deductions to Know for Your New Business
When you first start a business, you don’t know what you don’t know. This can be especially true when it comes to taxes. As a new business owner, you may not be aware of the many tax deductions available that can help take the sting out of starting up.
What to Do If You Get a Letter from the IRS
Get a letter from the IRS? Don’t panic! The IRS mails letters or notices for a variety of reasons, including if you have a balance due; you are due a larger or smaller refund; the IRS has a question about your tax return; the IRS needs to verify your identity or that of a dependent; the IRS is requesting additional information; or the IRS made changes to your tax return.
The Latest Tax Info You Need to Know
The American Rescue plan, which was signed by President Biden on March 11th, and other tax law changes affected finances and returns for both 2020 and 2021. Here are some of the details you need to know:
American Rescue Plan Targets Help to Restaurants
The $1.9 trillion coronavirus relief bill signed by President Biden on March 11, 2021, allocates help to struggling small businesses — especially restaurants — through grants, additional aid, and an expansion of existing credits such as the Employee Retention Tax Credit.
American Rescue Plan Features Several Tax Benefits
The new American Rescue Plan Act law signed by President Biden last week includes some items — including unemployment income and healthcare premium assistance — that may affect some 2020 tax returns.
PPP Loans Temporarily Expanded for Even Smaller Businesses
If you’re a sole proprietor, independent contractor or owner of a very small business, now’s your time to apply for a Paycheck Protection Program (PPP) loan. Thanks to a temporary rule change by the Biden Administration, the SBA will ONLY accept applications for PPP loans from firms with fewer than 20 employees during a 2-week priority window: February 24 through March 10, 2021.
Timely Tax Tips Help Ensure Correct Returns
When you provide your paperwork to Premier CPA Services, you’re entrusting us to file your tax return accurately and efficiently. We use sophisticated software to handle the math, find common errors and flag missing information. But we also use our years of experience to ensure you get all the valuable credits and deductions due to you.
Second Round of PPP Loan Funding Now Open
The SBA recently reopened the Paycheck Protection Program for both “First Draw” and “Second Draw” PPP loans for eligible small businesses. This second go-round is intended to make PPP loans more flexible, helpful and accessible, especially to hard-hit restaurants. Here’s how:
2020 Tax Preparation Checklists Now Available
As promised, we have put together two Checklists to help you pull together your tax preparation materials for 2020. With all of the CARES Act, Payment Protection Program loan and other changes to tax law last year, we expect plenty of questions and confusion.