This year will be a little bit different for home office expenses. If you are required to work from home in 2020 (as the vast majority of the world was), then you will be entitled to make a claim for home office expenses! This is new for many people and an opportunity to save some money on your taxes.
Both loans are combined. If the total is up to $40,000, you get 25% forgiveness as long as you pay back the other 75% on time (by Dec 31, 2022). If the total is above $40,000, you only get forgiveness if you pay $30,000 plus 50% of the excess on time. The forgiven amount will be $10,000...
This is a great time to get your business organized and it does not matter if you are a sole proprietorship, partnership or corporation (or even an employee with employment expenses)! Things usually start to slow down now, so take advantage of the lull and pull together your bookkeeping...
I cannot tell you the number of times I have started working on someone’s books and their balance sheet is not in good shape. For some reason, I find the asset side of the balance sheet gets neglected when it comes to bookkeeping and accounting.
