Here’s what you and your tax professional can discuss in order to help reduce your tax liability for 2020 and beyond.
Small business owners are often looking for ways to minimize their companies’ tax liability. This year’s conversation with your tax professional could be especially important, says accountant Vinay Navani of WilkinGuttenplan, as accountants fully grasp the tax implications of the Coronavirus Aid, Relief and Economic Security (CARES) Act for small business owners. Plus, the Tax Cuts and Jobs Act continues to affect the way business income is calculated, the deductions you can take, and more.
As a CPA and shareholder at WilkinGuttenplan P.C., Mr. Navani is not affiliated with Merrill. Opinions provided are his, do not necessarily reflect those of Merrill, and may be subject to change. Merrill, its affiliates and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
As you work with your tax advisor, be aware of these changes—along with the possibility that additional changes may emerge in the coming months—and consider whether the 9 strategies below could help you in the 2020 tax year and potentially farther into the future.