Edwin Casanova, CPA P.C.

A new benefit from the newest stimulus package... The $300 ($600 for joint returns) above-the-line charitable giving deduction for all taxpayers, whether they itemize or not, has been extended through the end of 2021. Corporations will also be allowed to deduct up to 25% of their taxable income for charitable contributions, which is an increase from the normal 10% allowed.

Six Options For Suffolk County Small Business Aid And Tax Savings https://bit.ly/3psxh7y

Have you heard about The Work Opportunity Tax Credit? This is a new credit available for business owners as part of the most recent relief bill. It's a nice bonus, depending on your hiring practices and the state of your business. This is a credit for hiring a person from certain categories (veterans, ex-felons, welfare recipients) but, more pertinent for many: people who have been jobless for more than six months. The credit, which is calculated per employee, ranges from $1,...200 to $9,600, and you would take this on your BUSINESS tax return. This is also available for pass-throughs (i.e. S-Corps, Partnerships). Be sure to bring this up when you file your taxes, and keep it in mind for future hires.

This is what you'll need to bring in for your tax appointment this year. This list has been updated to reflect both stimulus bills and their respective benefits.