As you know, the government is spending trillions of dollars to help you and your small businesses stay in business.
What you may not know is that you have to be very careful when choosing the right form of financial assistance.
Why? Because there’s a buffet of tax-relief offerings to choose from. And some of them conflict with other federal relief measures that might be even more valuable for you.
What’s more, accepting some forms of assistance prevents you from taking advantage of other helpful measures!
How can you make smart decisions about which form of relief to select from the tasty government-provided buffet?
You’ll find out when you read my new article titled Tax Tips: Making Smart Selections from the COVID-19 Tax-Relief Buffet.
Here are just some of the choices you can make.
Choose wisely!
- CARES Act economic impact payments for individuals. (No impact on eligibility for other federal relief measures)
- Small employer tax credits and payroll tax relief to cover required COVID-19-related paid leave for employees (No double tax benefit allowed)
- Leave credits for self-employed individuals
- CARES ACT employee retention credit (Can conflict with eligibility for other federal relief. Also, no double tax-benefit is allowed!)
- Warning: Obtaining the SBA loan under the CARES Act PPP precludes you from claiming the 50% employee retention credit (Think carefully before you choose this one!)
- CARES ACT employer payroll tax deferral relief (Can conflict with eligibility for other federal relief)
- Self-employed individuals can defer 50% of the Social Security tax-component of the self-employment tax
- Warning: Forgiveness of certain loans under CARES Act provisions precludes eligibility for payroll-tax and self-employment tax-deferral privileges
- And much more!