What's New For Small Businesses in 2021?
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What’s New For Small Businesses in 2021
- Refundable employee retention credit
- PPP loan forgiveness is no longer a taxable event for your small business. The same goes for any second round loans your business receives this year if they qualify.
- 100% meal deductibility. Business meals are typically only deductible at 50%. To help aid restaurants during the pandemic, the new law allows for 100% meal expense deductions for both 2021 and 2022.
- Numerous general business credits extended. New laws extend expiring tax credits for many small businesses. There are too many to mention here, but common extended credits include; work opportunity credit, credit for paid family and medical leave, and employer paying employee student loan payments.
Call us today for a consolation on your business taxes-there is a lot of changes heading your way and you need the Best in the business helping you navigate through these tax situations. 1-877-6-SOLVER
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