To get the ball rolling, here are a few deductions and tax tips to consider when preparing to close the 2020 books:By Delta Jones Walker It’s no secret that 2020 has been more than challenging for a multitude of small business owners across the country. The unforeseen pandemic left many scrambling to keep their doors open, but it also inspired the creation of many new ventures. The common denominator of it all is business owners should pay close attention to the deductions that are afforded to them as the year closes and tax season approaches.
To get the ball rolling, here are a few deductions and tax tips to consider when preparing to close the 2020 books: Home office deductions– COVID-19 caused many to work from home. Operating a business means this space has now become your office. A few home office tax deductions may include rent/mortgage, office equipment, furniture, cell phone charges and Wi-fi.
While the above information offers a few tax tips and nuggets of advice, be sure to consult a tax professional to determine what deductions are applicable to your small business. Lastly, I always recommend sitting down with a reputable financial advisor who can help stabilize your financial focus while mapping out your growth plans for 2021. At Atled Financial, we are always looking for ways for you to improve your bottom-line. To schedule a complimentary consultation or a presentation to your group or organization, call 219-513-3710 or email djwalker@atledfinancial.com and mention this column. Topic ideas for this column are welcome! *Securities and advisory services offered through Woodbury Financial Services, Inc., member FINRA/SIPC. Insurance services offered through Atled Financial Group 717 B Main Street, Schererville, IN 46375 which is not affiliated with Woodbury Financial. Read more from Chicago Crusader |
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