We sat down with one of our favorite CPA’s, Scott Streitfeld, to learn a thing or two about taxes.
- DO YOUR HOMEWORK: Now that most of us are working at home and not spending hours commuting, research your tax questions on-line. The internet is full of up to date information that can answer even the most specific questions. Go straight to the source and start with the IRS website. You will save time and money by doing your own tax planning! If you need more help, Scott and his team are available to help!
- W2 EMPLOYEES CANNOT WRITE OFF BUSINESS EXPENSES: Yes, you read that right and now more than ever this is something to consider. Gone are the days that the IRS will allow you to write off your gas, mileage, car expenses or even office supplies. If you are working from home and buying your own supplies, your employer needs to reimburse you, offer you an allowance for expenses, or negotiate this into your salary or wages.
- BUSINESS OWNER? If you own your own business, you are able to write these expenses off at tax time, so consider this when working with your team. It is also crucial to spend time reinvesting in your team. Meeting with them “face to face” via video conference, empathizing with their new reality and keeping up morale is a vital investment that cannot be overlooked.
This probably comes as no surprise but, the 2020 tax year is going to be a beast! New legislation is being written and revised what seems like, daily! It will be very important for business owners to stay in touch with their tax professional to navigate COVID-19 related credits, loans and PPE.
For more information, please visit Scott’s website. It is also a great resource for tax planning before you meet with your CPA.
http://www.streitfeldaccounting.com | ph# (818) 222-2100.