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SHOW TRANSCRIPT 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.

Nathan rigneyMark steberTax researchJackson hewitt tax serviceHr blockPaycheck protection programNational association of tax professionalsMisty ericksonTax research managerNational associationJackson hewitt taxTaxing times2020 taxesSmall business taxesSmall business ppp taxesUs news