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Tax Preparation for the End of the Year

gritforce tax preparation

Tax season is one of the most stressful times of the year for a small business. Tackling your taxes and staying in compliance is a never-ending maze, so it’s best to start preparing for tax season now, especially following the tumultuous presidential election and a catastrophic pandemic this year.

COVID-19 aid, CARES Act, and Tax Cuts and Jobs Act (TCJA) will affect deductions, tax rates, and rules for the 2020 tax season. Your small business will have to stay flexible during the coming months when it comes to tax preparation because things could change with the incoming administration and tax policy changes from Congress.

Here are some ways your small business can begin tax preparation for 2021:

Take Advantage of Bonus Depreciation

New and used machinery and equipment bought and implemented in 2020 qualify for a 100% bonus first year-depreciation deduction thanks to the TCJA. That means your small business could write off the whole cost of your asset additions on this year’s return. You should consider acquiring more assets before the end of the year, even if you only use them for a few days, to take full advantage.<