We seem to be living in an age of natural disasters. Floods, fires, hurricanes, tornados, and other disasters often dominate the news. If a disaster strikes you, the tax law may help. When defined as such by the tax code, a disaster loss may qualify for deduction from your taxable income. The rules for personal losses are complex and far more restrictive than for business losses.
PPP loans and forgiveness, meal deductions, charitable contributions, tax extenders, SEP IRA and Solo 401(k)
The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pocket if you have or had PPP money.
With the new rules for PPP loans of $50,000 or less, you escape the most difficult part of the loan forgiveness if you had to consider employees. And you may even obtain more loan forgiveness than you would have otherwise.
Here are seven powerful business tax-deduction strategies that you can easily understand and implement before the end of 2020.
Payroll tax deferral, reasonable compensation for the owner / employee of an S-Corp and how the rules have changed for some individuals regarding the Stretch IRA are a few of the items discussed.