SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
April 2021
Reminder of Special Tax Breaks
The December 2020 stimulus package provided a few noteworthy tax breaks for companies.
A temporary tax break for 2021 and 2022 allows businesses to deduct 100% of business meals eaten at a restaurant, up from the usual 50%.
For businesses hard hit by the COVID-19 pandemic, the Employee Retention Tax Credit is available for the first half of 2021. Eligible businesses that were either shut down by the government or incurred at least a 20% reduction in gross receipts for one of the first two quarters of 2021 may qualify for this credit of up to $14,000 per employee. Claim this credit when you file quarterly form 941.
The Work Opportunity Tax Credit and the Family Medical Leave Tax Credit were extended to December 31, 2025.
Employers who pay qualified education expenses, including student loan payments, for employees can deduct up to $5,250 per employee through 2025.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.