In this episode of the Small Business Edge Podcast, Brian talks with Barbara Weltman, a top small business tax expert and author of the annual J.K. Lasser’s Small Business Taxes books. They share what questions business owners need to ask their Accountants, whether to buy or lease your next piece of business equipment, and much more.
Five Things Business Owners Need to Do From Barbara Weltman:
- The rest of 2020 is going to be filled with twists and turns. Make sure to stay in touch with your CPA and financial adviser on a regular basis.
- Look at your tax position BEFORE deciding whether to buy equipment for your business in 2020 or wait until 2021.
- Determine whether you should take 100% depreciation for purchases in 2020 or spread them out over the next 5-10 years.
- Pay attention to expiring regulations and the tax impact they may have on your business in 2021.
- If you received a PPP loan and it is forgiven, find out if you can still deduct the expenses associated with the loan.