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Small businesses have been struggling to survive the COVID-19 pandemic, with many closing their doors for good, despite relief funding from the government.
I’m not an expert, but we talked to lots of them, and asked: can small businesses deduct expenses that were paid with PPP money? The answer to this one is actually exciting, and yes, said Misty Erickson, Tax Research Manager at the National Association of Tax Professionals.
If you’re a small business owner, you can write off expenses paid with Paycheck Protection Program money. That also includes businesses that have shut down. Closing a business does have some of its own implications, but it s not going to change what they can deduct as far as business expenses go, said Nathan Rigney, principal tax research analyst at H&R Block.
March 1, 2021
Tax experts say workers who moved during pandemic may owe taxes in both the original state and the new one where they moved.
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The opportunity to work remotely during the pandemic made a lot of people realize they could get their job done from anywhere. Whether it was temporary or permanent, millions of Americans packed their bags and relocated.
I’m not an expert, but we talked to lots of them, and asked: how should I file taxes if I moved during the pandemic? There are different rules on, depending how long you ve actually been in the state and then it varies state to state, said Rhonda Collins, director of tax content and government relations at the National Association of Tax Professionals.