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The COVID-19 pandemic has forced small businesses to pivot and caused deep financial losses for many. While the pandemic has affected some tax rules,the Biden administration has implemented additional changes, making tax planning even more challenging. Amid these uncertainties, small business owners are applying for the expanded Paycheck Protection Program (PPP) loans included in COVID-19 relief legislation and can take advantage of other tax deferrals. Small business owners and entrepreneurs should be aware of tax deductions and savings as they file taxes for 2020 – and plan for 2021. Here are the top stories on tax planning for small businesses and entrepreneurs.

The 19 Most Valuable Tax Deductions For Your Small Business

If you’re a small business owner, one of the easiest ways to make your business more profitable is to identify all of your expenses and those that are tax-deductible. Here are some of the tax deductions you can take for your small business.

Via Forbes

How to Give Yourself a Tax Cut

With Democrats owning a voting majority in Congress for the next two years, small and mid-sized business owners should prepare for significant changes to tax rates in the very near future. Here are some tax strategies to start thinking about for 2021.

Via Entrepreneur

4 Tax Tips Every Small Business Needs to Know

The pandemic caused economic and personal financial ramifications for many small business owners. Here are four things small business owners should pay attention to this year, including PPP loans and CARES Act provisions.

Via Inc. Magazine

Taxes: Everything Small Business Owners Need to Know in 2021

2021 will be an important year for small businesses to file their taxes, as many were affected from financial losses during the pandemic. Tax credits and deductions can be used to offset some of your loss and costs, but many small businesses don’t take advantage of them because they’re unaware of what’s available to them.

Via Business Insider

Tax Preparation Tips For Entrepreneurs From This CFO

The key to a successful tax season is efficiency. The less time you spend preparing for your taxes, the more time you spend working in your business.  Here’s a list of tips to help prepare you for tax season.

Via Forbes