The New Year holiday is right around the corner. Now is the optimal time to establish New Year’s resolutions for yourself and your small business. Brainstorm, write down, and follow through on resolutions for your small business in the year ahead. You will have done your part to minimize your company’s tax obligation, expand your enterprise and reach your true potential. Here’s a quick look at some of the best New Year’s tax resolutions for Hammond, LA small businesses of all types.
Rely on a Tax Expert for Guidance
The most important thing you can outsource your small business’s tax challenges, bookkeeping, and accounting to a specialist in Hammond, LA. Sensible Services ABC embraces the challenge of filing accurate and timely taxes on behalf of all small businesses in the Hammond, LA area. We provide a wide array of accounting and tax services that extend well beyond merely preparing taxes. Put your faith in our Hammond tax specialists, and we will help you establish a comprehensive tax strategy for the entire year ahead, liberating you to focus on doing what you do best.
Sweat the Small Stuff of PPP Taxation
PPP, the acronym used to refer to the Paycheck Protection Program loans provided by the federal government during the ongoing COVID-19 pandemic, has unique tax nuances you should be aware of. If your Hammond, LA small business took out a PPP loan, Sensible Services is here to help you pay the appropriate taxes and not a penny more.
It might even be possible for your PPP loan to be completely forgiven if you meet certain conditions. However, information about PPP loan taxation is fluid instead of static, meaning you will need the guidance of a Hammond, LA tax specialist to ensure full compliance with taxation requirements moving forward.
Seize the Opportunity to Deduct Borrowed Funds Interest
A small business provided with financing through a loan or a business line of credit sets the stage for interest payments to be deducted from borrowed funds. The IRS views interest stemming from a line of credit that a Hammond, LA small business uses to buy equipment or uses for payroll funding as a business expense that is ordinary and necessary. Lean on Sensible Services’ small business tax team in Hammond for guidance, and you won’t miss out on this deduction.
Maximize the Home Office Deduction
There is plenty of discussion about the home office deduction as many small business owners, managers, and other employees shifted to working from home (WFH) during the pandemic. It is a grave mistake to overlook the home office deduction. As long as part of your home is used for conducting business, the stage is set to take this lucrative deduction. Our Hammond tax professionals are here to ensure you deduct all expenses related to WFH during the upcoming tax season.
Schedule a Tax Consultation With Sensible Services
If you own or manage a business in the Hammond, LA area, our small business tax planning experts are at your service. The little bit of money you spend to tap into the expertise of our tax planning gurus in Hammond, LA, will pale in comparison to your tax savings in the years ahead. Reach out to us today at (985) 222-2088 to schedule a consultation with Sensible Services ABC that sets the stage for tax mitigation moving forward. You can also book an appointment directly from our website.
