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Christian Brim

Small Business Tax Strategies 2021

Small Business Tax Strategies for 2021

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Christian Brim

2020 brought a lot of unique challenges to entrepreneurs, and 2021 is shaping up for a wild ride as well.  It is easy to miss tax planning when you're trying to keep your proverbial head above water.  I've created a quick check list of the most impactful small business tax strategies for 2021.

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PPP Loan

Paycheck Protection Program Continues in Consolidated Appropriations Act, 2021

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Christian Brim

To answer your question, no Congress is not done.   In the wee hours of December 21st, they passed the Consolidated Appropriations Act 2021 and included an extension of the popular Paycheck Protection Program (PPP) for 2021.  The Small Business Administration has 10 days to issue regulations, and as in the CARES Act, expect the SBA to have several revisions.

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New Loss Rules Surprise Businesses

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Christian Brim

The recent tax law changes changed the treatment of business losses for most Oklahoma small businesses.

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2021 Business Tax Filing Deadlines & Due Dates

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Christian Brim

When are business taxes due in 2021?

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American Rescue Plan Act of 2021

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Christian Brim

Congress is keeping the printing presses rolling. This is a summary of the American Rescue Plan Act of 2021 (Act) and its impact on small business owners. We will update with more detail after the IRS has had a chance to promulgate their rules, so stay tuned!

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How to File Taxes Without a 1099

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Christian Brim

1099’s are the forgotten form of small businesses. The IRS uses 1099’s to collect information from various sources to help them with compliance, read make sure you file all of your income.

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How to Take Earnings Out of an S Corporation

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Christian Brim

How is your business taxed?

Many business owners assume that if they have set up a corporation or an LLC that they can automatically be treated as an S-Corporation. Fake news! Any newly created legal entity (e.g. corporation, LLC) can be elected to be taxed as an S-Corporation, but it requires filing the request with the IRS. Failure to do so will default to the tax type normally associated with the type of entity. For a corporation the IRS could default to taxing you as a C-Corporation, for an LLC, the default is to be taxed as a partnership.

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Employee Retention Credit

Employee Retention Credit Expands Under Consolidated Appropriations Act 2021

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Christian Brim

Previously, I have written about the new round of PPP Loans and the grants for shuttered venue operators that were in the Consolidated Appropriations Act. The Act also extended and expanded the Employee Retention Credit.

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Employee Retention Credit - Consolidated Appropriations Act 2021

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Christian Brim

Previously, I have written about the new round of PPP Loans and the grants for shuttered venue operators that were in the Consolidated Appropriations Act. The Act also extended and expanded the Employee Retention Credit.

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On Hoarding Ramen and other Unpredictable Growth

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Christian Brim

First, it was toilet paper, now people are hoarding ramen.  At least with ramen, it makes some sense.  If you are going to be locked up in your house, you need something to eat.  Toilet paper made absolutely no sense to me, but that is the point.

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