Partnerships, S-Corps, C-Corps, and LLCs
As chaotic a year we had in 2020, businesses small and large will still have to pay their taxes.
If you’re self-employed you may have to pay an estimated tax quarterly to avoid additional fines and fees. To pay Social Security and Medicare taxes and income taxes, use Form 1040-ES, Estimated Tax for Individuals worksheet
But this year, don’t overlook all the potential ways you can minimize your tax debt for your business.
Paycheck Protection Program (PPP) Loans
It’s important to know how much of your loan maybe be forgiven.
Capital Gains
Now maybe an appropriate time to harvest some capital gains while rates remain favorable at 15% for long-term gains.
Net Operating Loss (NOL) Generation
The CARES Act provides a temporary five-year NOL carryback for most taxpayers. If your business generated a loss for 2020, there are strategies to recoup taxes paid in prior years.
Contact Morris and Associates today for a FREE consultation to learn if there are taking advantage of the strategies currently available to you.