Life was turned upside down in 2020. With a global pandemic that sparked an economic collapse unlike any other, we did not expect a quarantine period to last this long and affect everything around us. With state and local government officials agreeing on supporting small businesses through the holiday season, it gives hope to those who have looked for it ever since the year began. With tax season approaching yet again, MBA Financial & Accounting Solutions is here to guide you through any situation that the year 2020 has given to you.
Small Business Relief Package
California Governor Newsom, has introduced a new small business stimulus package that will help aid small businesses and entrepreneurs through one of the toughest seasons yet, the holidays. The small business stimulus package includes tax deferrals, tax credits, grants, debt relief, and new loans. Those who qualify for this package can be approved as soon as December 1, 2020. Also, for businesses that generate less than $1 million in sales tax, they will automatically fall into a 3-month tax deferment period. This will contribute to businesses being able to keep paying their staff as each qualified worker will attribute to $1,000 of credit being given to each company.
This plan was established primarily to help keep restaurants, hair salons, and other highly affected shops in business during the holiday season.
For those wondering how tax season will be this upcoming year, it will not be pretty that’s for sure. With most employees receiving a stipend pay or no pay at all, this year presents many challenges for taxpayers when it comes to filing taxes. While all these changes have been happening, we at MBA Financial & Accounting Solutions have been adapting to the new rules and regulations that you will need to pay attention to when filing taxes. Our expert guidance could lead to you not having to owe anything at all come tax season. For a FREE consultation, contact us today to see how we can benefit you!