Tax Season 2021

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3 Useful Tools to Keep Growing your Small Business during the Pandemic

Vector image illustration of a laptop computer, a dollar sign, a stack of dollar bills, a calculator and team of CFO doing tax preparation and tax planning during the COVID-19 pandemic

With over 198 million COVID-19 vaccines given, and states like Texas, Arizona and Arkansas fully re-opening their economy, the uncertainty for small business owners is still prevalent. By setting short-term goals for your business, you can overcome the pandemic challenges and focus on the growth of your business with these useful tools:

Forgivable Stimulus Relief for Small Business

The initial funding for PPP of $349B got exhausted in the first two weeks of the program; this forced the SBA to change the program to give more emphasis to small business. As we approach the end of the Paycheck Protection Program (May 31), the average loan application reduced to $53,000 (compared to the $206,000 average at the beginning of the program), providing more opportunity for small businesses borrowers.

Eligible businesses qualify for a full PPP loan forgiveness. This is the reason we don’t recommend applying by yourself; taking full advantage of the forgiveness is a great opportunity to grow your business.

Tax Planning

With the new Administration in the White House, many big changes to the legislation are already happening. Financial Planning can help you turn this changes into enormous opportunities for your small business:

  • Increase Corporate Tax Rate from 21% to 28%
  • Raise personal Income Tax Rates on Individuals and households earning more than $400,000 (affects small businesses organized as pass-through entities)
  • Unincorporated pass-through entities are not subject to the Corporate Tax Rate because owners report their business income on their personal tax preparation.

Financial Planning

Did you know that tax compliance costs are 67% higher for small businesses than for large corporations?

Planning and setting goals for your business is a great tool to overcome the lack of accounting resources in your small business. 89% of owners rely on external tax preparers.

Let’s talk about your financial goals for 2021, schedule a free zoom meeting here:

Are you wondering how to reduce your Tax Payments? Read This!

We can run your numbers for free and show you where the tax savings are hiding within.

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Related Updates

2021 Tax Law Proposals Timeline

The Biden administration has introduced a series of tax proposals as part of the Build Back Better initiative to pay for new government programs such as education and infrastructure.

Read More »