Meet Veteran and 2017 WIBO Graduate
I had the honor and privilege of serving in active duty, and as a reservist in The United States Army.
What compelled you to enroll in WIBO?
As a result of a friend’s recommendation, I took the WIBO 16-weeks Program. I wanted to start and develop my business on a part-time basis in anticipation of becoming full time after my career ends with the City Government
What specific area(s) of the program benefited you the most?
Definitely, the peer-to-peer relationship had a tremendous impact on how I now interact with clients and employees. By speaking to fellow entrepreneurs operating across different industry sectors, I was able to benefit from shared experiences that were objective and productive. Another tool WIBO teaches entrepreneurs is strategic planning which helps me to prepare for business success in a more comprehensive and holistic way.
As a Tax Specialist, what are your recommendations?
Be current on changes in the tax laws. Throughout 2020, multiple pieces of legislation have been passed to help businesses impacted by COVID-19; but along with them come several new tax and accounting changes.
The CARES Act allowed businesses to defer paying their 6.2% share of Social Security payroll taxes incurred between March 27, 2020, and the end of 2020. However, half of the deferred funds will have to be paid by December 31, 2021, and the other half of the deferred funds by December 31, 2022. So now’s the time to talk to your tax advisor about how to plan for this liability.
Also, businesses that have net operating losses (NOLs) have had some of their limitations relaxed. If your business had an NOL in a tax year beginning in 2018, 2019, or 2020, that NOL can be now be carried back five years instead. Pass-through businesses and sole proprietors can also take advantage of relaxed NOL limitations.
Even when major tax rules change, there will always be another point in the tax code that you can utilize. One thing you can be certain of is that the tax code will always include opportunities for you to lower your tax burden. Find a tax advisor who will help you create a custom tax strategy for you and your business.
For more insight – contact Tann Mclean at email@example.com