Sometimes, you have to spend money on your customers. Make sure you’re billing them for it. Usually, money flows from your customers to your business. But there may be times when you have to purchase items for a job whose costs will eventually be reimbursed. Or you, or an employee, might spend time providing services […]
Archives for February 2021
8 New Tax Breaks
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other aid targeted to struggling businesses. But Form 1040 American taxpayers who are […]
Embedded in the COVID-19 relief law is $900 billion for financial assistance.
As you would expect in these unusual times, some of the relief is in the form of direct government financial assistance and some is from tax benefits that can impact both tax year 2020 and tax year 2021. Most of the provisions create extra deductions or credits where Uncle Sam puts cash directly into your […]