Over $5 trillion has been spent on Covid-relief programs. The money is geared towards funding small businesses, which means in 2021 businesses can save money on taxes and even get money back! 5 new relief programs were released to offer the most tax incentives for small companies.
How Small Businesses Can Save Money On Taxes
Dennis Consorte, a small business consultant, thinks that every small business and employee should take advantage of these programs:
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“The American Rescue Plan Act of 2021 was signed into legislation, so take advantage of anything that benefits your business. Utilize the Unemployment Insurance Tax Exemption, or the Employee Retention Credit carried over from the CARES Act if it applies to you. The hardest part is knowing what’s available, so invest in an accountant who can demonstrate their ability to qualify you for the available programs. Furthermore, recalculate your cash flow and squeeze wherever you can. Banks are ripe for negotiating forbearances on mortgages and other loans to get you through these tough times.
But there’s something more. Encourage your employees to do the same. Raise awareness about the expansions on the Child & Dependent Care Tax Credit, SNAP benefits, housing assistance, ACA subsidy enhancements, and anything else that will help them. If you can connect them with an affordable accountant, even better. Big box stores like Walmart have been doing this for years, and there’s no reason you shouldn’t have access to the same tools. You may even disagree with these ideas philosophically, but the money’s already spent.”
Article by Dennis Consorte, Small Business Consultant and Expert at Digital.com.