SCORE

Tax-Planning Strategies for Year-End Filing and COVID-19-Applicable Deductions

dBusiness Magazine has published one of many recent COVID-19 updates for the business publication's readership, including a recent roundup of resources available to entrepreneurs and small businesses during this crisis. The feature included mention of the following:

SCORE's tax-planning tips to help entrepreneurs capitalize on every deduction that is available during the crisis.

The basic business deductions the IRS offers are:

  • Startup costs
  • Business insurance
  • Business vehicles
  • Healthcare tax credits
  • Interest paid on loans
  • Business gifts
  • Business travel
  • Charitable contributions
  • The cost of last year’s tax preparation

A comprehensive list of tax credits available to small businesses is posted at irs.gov. SCORE Detroit suggests entrepreneurs consider the following for additional tax relief:

  • Disabled Access – for businesses that incur expenses related to hiring individuals with disabilities.
  • Empowerment Zone Employment – for businesses that hire and retain employees who live within a federally designated empowerment zone.
  • Work Opportunity – for those that hire individuals from certain targeted groups who have consistently faced significant barriers to employment.
  • Investment Credit – for expenses related to rehabilitation, energy, and reforestation investment.

To see what other resources dBusiness brought to the attention of our local small business community, read the entire article.

 

 

dBusiness Offers COVID-19 Update, Including SCORE's Tax Planning Tips