Tag Archives: tax time

PPP Loans Are Supposed to Be Tax-Free. These 19 States Didn’t Get the Memo | Inc.com

Tax time is confusing and stressful under the best of circumstances. It could be even worse if you’ve taken out a loan from the government’s Paycheck Protection Program.

The tax status of the PPP has been muddled from the beginning. While these forgivable loans were never meant to be taxed as income, the Treasury Department and the Internal Revenue Service, under the Trump administration, held that business owners could not deduct expenses that were paid for with PPP. Congress disagreed, and in December 2020 put its position into law with the Consolidated Appropriations Act, which also contained a $900 billion relief package.

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Tax Changes for Small Businesses in 2014 | Businessnewsdaily.com

Tax season is a stressful time for everyone, but for business owners, the pressure can be especially high. From January to April, it’s a whirlwind of sorting receipts and pay stubs, reviewing ledgers and completing IRS forms to ensure that everything is properly prepared and filed. Even though most businesses use an accountant, digging up all the necessary documentation and information needed for tax filing can still be a hassle.

Being unaware of important tax filing changes can add to the stress of this season. Mark Faggiano, CEO of tax automation software company TaxJar, noted several changes from last year that will affect small business owners:

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