The more mundane parts of business – like good record keeping – can get overlooked. But in the long run, it can save you in more ways than one.
Home office deduction for real estate investors – do you qualify, and are you hesitant to claim it due to fear of an IRS audit?
Coronavirus relief bill includes deductibility of expenses paid with proceeds of a forgiven PPP loan, direct payments, extension of federal unemployment benefits, extension and expansion of employee retention tax credit and more.
IRS addresses the question “are PPP loan expenses deductible ?” in Revenue Ruling 2020-27 but many believe it contradicts intent of Congress.
The CARES Act contains provisions that encourage charitable giving, including a new above-the-line deduction of up to $300 for charitable contributions by non-itemizing individuals in 2020.