Tax Considerations When Selling Your Small Business
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.
Deductions for Food or Beverages From Restaurants
Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the expense is not lavish or extravagant under the circumstances.
PPP Loan Deadline Extended Through May 31
The PPP Loan law also gives the Small Business Administration (SBA) an additional 30 days after the May 31 deadline to review and process loan applications.
Federal Tax Deadline Extended To May 17
The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief.
There’s Still Time To Make an IRA Contribution for 2020
If you haven’t contributed funds to an Individual Retirement Account (IRA) for the tax year 2020, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 15, 2021, due date, not including extensions.
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