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A Year of New Challenges and Opportunities As the end of the year approaches, business owners are looking for the best ways to minimize their companies’ tax liabilities. With the tremendous blows that COVID delivered throughout the year, however, getting 2020 end-of-year business spending right could be more complicated than ever. There are many businesses that have suffered irreparably, others that can recover but have had to make drastic changes, and yet others that have had one of their best years ever. It’s a milieu of extremes, for sure. Add to that the complexities of the unprecedented Paycheck Protection Plan (PPP) and the resulting Small Business Administration loans that blur the tax picture with new uncertainties, and businesses have a lot of decisions to make by the end of the year. In short, what businesses are considering at this time of year is how they can save money on taxes by timing their income and expenses, which effectively means moving income into a year of lower taxes and moving expenses into a year of higher taxes. Every company’s year-end strategy will look different, which is why it’s important to hire a professional to walk you through it. They can help you look at the big picture and see if it makes sense to maximize your tax savings this year or possibly move some of those expenses to the next year. In 2020, COVID-19 ushered in financial challenges, some of which forced local businesses to reimagine how they do business. Congress supplied needed relief but much of that runs through the tax code, so year-end tax planning may be more important than ever this year. Developing the right tax strategy for your particular business will help you navigate the pandemic’s disruption and keep you on the right track moving forward.
Developing the right tax strategy for your particular business will help you navigate the pandemic’s disruption and keep you on the right track moving forward.
Tax Services at Grant Thornton offered some key tax considerations for 2020 year-end business-tax planning, including: accelerate your alternative minimum tax refunds, sped by the CARES Act; use current losses for quick refunds, as the CARES Act resurrected a provision allowing businesses to use current losses against past income for immediate refunds; claim quick disaster loss refunds stemming from President Donald Trumps’ COVID-19 disaster #PrintProudDigitalSmart
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402.884.0066 | www.CFOSystemsLLC.com 10832 Old Mill Road, Suite 2, Omaha, NE NOVEMBER 2020 Strictly Business
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