Tax Strategies in 2021 Your Business Needs to Know

TAX STRATEGIES

IN 2021 YOUR BUSINESS NEEDS TO KNOW

Navigating U.S. tax law is always a challenging endeavor and 2021 is no exception. But what is different this year is many of the changes are intended to provide relief to small businesses impacted by the events of 2020. Staying on top of these changes ultimately could mean more cash in your company bank account.

BY EDDIE VARGAS

FOUNDER AND MANAGING PARTNER, THE CFO ELEMENT, LLC

There are standard reviews tax professionals address with their clients each year. These include taking advantage of deductions for business related travel, home office use, auto deductions or alerting you to the new changes in meal deductions. And then there are deeper topics around setting up retirement accounts, health savings accounts (HSA), and company structure evaluation (S-Corp). These strategies have been helping business owners for years.