Don’t let 2020 get away without checking into some new tax benefits.
Act now before 2020 gives you any more headaches.
If you are a business owner who lost money in 2020 or 2019, ask about:
- Changes to Bonus Depreciation Rules
- Changes to Net Operating Loss carryback rules
- These two provisions can be used on an amended return for a refund right now
If you are a business owner who is fortunate enough to have some profits
- Consider fringe benefit changes that are new and will expire this year such as Education Expense reimbursement plans for college and student loan payments
- Health Care Reimbursement plans that have recently been changed to cover more employees
- Implementing retirement plans like 401k, SIMPLE IRA, or SEP IRA
- Implement an accountable plan for Office in Home for those who do some work at home and want to gain some tax deductions for qualified expenses
If you are an individual taxpayer
- Newly enacted rules related to IRA and retirement plan withdrawals can free up some funds to help make it through the year