Here are a few questions to think about for your 2020 tax return:
- Have you made adequate estimated tax payments during the year?
- Are there deductions that you can take advantage of before the year ends?
- Do you have major life changes during the year that will impact your tax return?
In order to plan for your 2020 tax return, it is wise to plan ahead. Feel free to call me at 401.335.5517 to schedule a tax planning meeting for 2020 tax season.
The Employee Retention Credit is available for many small businesses financially impacted by COVID-19. It is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.
The Families First Coronavirus Response Act gives all American businesses with fewer than 500 employees funds to provide employees paid leave, either for the employee’s own health needs or to care for family members.