WATCH: How small businesses can master their taxes in 2021
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Filing taxes might be a bit different for small business owners this year. Many were greatly impacted by months of mandatory closures, lost essential revenue, civil unrest, government loans and grants, and layoffs.
To find out what all these things mean for your taxes, small business reporter Jennifer Ortakales Dawkins talked with tax expert panelists. They covered how the pandemic, PPP loans, and revenue losses could impact your filings.
Meet our panelists:
Robbin Caruso is a partner in the tax department and the co-leader of the National Tax Controversy group of Prager Metis.
Nicole Davis is the founder and principal of Butler-Davis, a tax and accounting firm located outside of Atlanta, GA.
Rick Lazio is the senior vice president of alliantgroup and a former US representative.
Topics covered:
At 1:57 we go over basics like who is considered a small business and what the tax filing deadlines are depending on your business license.
At 14:16 panelists explain what business owners should know about PPP loans and other types of federal aid and how those can affect your taxes.
At 23:09 we cover how government-mandated closures affect business taxes, what to do if your business deferred payroll taxes in 2020, and what pandemic-related expenses businesses can claim.
At 33:00 panelists explain new, existing, and updated tax credits and incentives, including the Employee Retention Credit (ERC) and Research and Development (R&D) credits.
And at 46:33 we go into a Q&A to respond to viewers' questions as well as hear a few more tips from our panelists.
Watch the full webinar above. For more information on filing your taxes as a small business, check out additional coverage below.
- This tax season, businesses can get credits for creating jobs, providing employee benefits, and using green energy
- PPP borrowers can now claim 6 important tax credits - a major change from the original rule
- A business tax credit for keeping employees may be more helpful than a PPP loan - and you could be eligible for both