Click here to see Kathy Kaminski’s interview about Tax Breaks for Businesses.
Kathleen Kaminski, CPA, Senior Manager, talks with Channel 9 on about Tax Breaks for Businesses. For guidance on business taxation and tax deductions, call Kathy Kaminski at 315.701.6322 or email firstname.lastname@example.org.
Tax Day is Feb. 12, which means you need to start getting all the information you need to file. If you’re a business owner who has lost money, you could qualify for certain tax breaks this year.
Businesses hit hardest by the pandemic are now getting the chance for a break on their 2020 taxes.
“So businesses that incurred a net operating loss in years 2020, 2019 and 2018 are now able to carry back that net operating loss to each of the five years preceding that year of loss to possibly recoup income taxes paid in those years.” – Kathleen Kaminski — CPA at Grossman St. Amour Certified Public Accountants
This will provide some cash flow to the ones struggling. To help out a little bit more, there are three new credits this year.
The Payroll Retention Credit, the Sick Leave Credit and the Family Leave Credit.
“These credits are available for wages paid to employees who had to stay home, unable to work because of having the coronavirus, possibly being under self-quarantine order because of the coronavirus. Maybe they were caring for a family member who had the coronavirus.” – Kathleen Kaminski — CPA at Grossman St. Amour Certified Public Accountants
And getting some help with taxes this year is even suggested.
“Because of the many different tax benefits, whether it be income tax or payroll tax… That small business may not have expertise of staff to understand or even be aware of some of those credits or income tax benefits.” – Kathleen Kaminski — CPA at Grossman St. Amour Certified Public Accountants
You can file for taxes now, but they won’t be processed until Feb. 12.
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