Do not DIY your taxes this year. Especially if you received a Paycheck Protection Program (PPP) loan, a grant, a long-term SBA loan, or some other type of financial assistance, working with a professional this tax season is imperative. Let’s talk about why that is.
Keeping Things Neat
Especially if you got something like a PPP or SBA loan in 2020, there are certain things you need to keep track of and report com tax time. A professional can help you identify these things and get all your ducks in a row.
The same goes for figuring out how to report any grants or other assistance you and your business may have received. I know some people took money out of an IRA, and knowing how to report that is something a professional can help with as well. In general, 2020 was a financially tumultuous year for most businesses and individuals. A professional tax preparer can help you figure out what you need for 2020 taxes, and how to do them to the best benefit for you and your business.
The Benefit of Professional Training
The training tax preparers go through each year is extensive. With tax policy changing every year and differences between handling state and federal taxes, there is a lot to learn (and re-learn). A lot of the things they get trained on are just the types of things small business owners often miss or botch on their own taxes, simply because they don’t know what they’re missing.
2020 was a very “special case” type of year in terms of public policies around money. In special cases like these, taking advantage of the special training of a professional can be very helpful.
Reach Out for Recommendations!
If you’d like help or advice from a professional tax preparer, financial advisor, or myself, please don’t hesitate to reach out! I’m happy to give referrals to awesome folks who could become a part of your long term money team. You can reach out to me by scheduling a free 30-minute Financial Self Care Consultation. Whatever path you take, please know I am here for you to act as a resource. I wish you the best this tax season!