In case you missed our Live Podcast yesterday here is the recording. Suzanne Barba, CPA and owner of Suzanne Barba Consulting shared with us some tips as we are entering into the Tax Season.
Advice for Small Business Owners:
1. Patience - IRS Continues to be overwhelmed and understaffed, operating under COVID umbrella
2. Paycheck Protection Program (PPP) Loan - apply for forgiveness so the proceeds are not income to your business
3. Business Meals - now 100% deductible
4. Net Operating Losses - can be carried back 5 years
5. Credits Available because of COVID - Employee Retention Credit
6. Work from Home Credits - as an employee working from home you can now take a deduction for unreimbursed business expenses in the State of PA
7. S Corp Election - if you are a profitable business you should consider making this election, to save on self employment taxes
View the full video below. Feel free to contact us with any questions.
Margherita C. Amplo
MCA Consulting Services, LLC.