What’s New For Small Businesses in 2021

1. Refundable employee retention credit
2. PPP loan forgiveness is no longer a taxable event for your small business. The same goes for any second round loans your business receives this year if they qualify.
3. 100% meal deductibility. Business meals are typically only deductible at 50%. To help aid restaurants during the pandemic, the new law allows for 100% meal expense deductions for both 2021 and 2022.
4. Numerous general business credits extended. New laws extend expiring tax credits for many small businesses. There are too many to mention here, but common extended credits include; work opportunity credit, credit for paid family and medical leave, and employer paying employee student loan payments.

Call us today for a consolation on your business taxes-there is a lot of changes heading your way and you need the Best in the business helping you navigate through these tax situations. 1-877-6-SOLVER