Tax Season Starts Now

Happy New Year! We hope that you had a wonderful holiday season and—like us—are eager to get back to business!

As we move into 2021, it is so easy to think that once you have completed your 1099s or issued W2's, there is plenty of time to prepare and file tax returns. However, deadlines are right around the corner and we are urging you to move tax prep to the top of your to-dos.

With all the complexities and uncertainties facing this year’s tax season, it is more important than ever to understand any potential liability coming your way. For instance, the deductibility of PPP loans is raising significant debate between the IRS, Treasury and Congress.

Furthermore, how the Federal government allows deductions might be different than how your state does. This is especially true for you oh-so-fortunate California tax payers; whereas your federal return may permit certain deductions, your California return may not. In other words, now is the time to finalize year-end numbers, and book an appointment with your CPA.

Of course before you schedule an appointment with your CPA, ensure that your business financial statements are in perfect order, and all other information is organized such as reimbursable expenses, major equipment purchases, other personal deductions, etc, etc.

Short on time or unsure what you should be focusing on? Let us help you get your books finalized and P&L in great shape! As an owner, we believe you should be studying your financial statements and other key reports ALL THE TIME!

Your small business can be a tremendous road to personal wealth, if managed properly, and financial statements are your map. If you are having trouble interpreting the map, ask PRG for assistance. Our Virtual CFO's or Virtual Accountants will make you see out the windshield and not just the rearview.

Drive your wealth!!

WE ❤️ SMALL BUSINESS

Pacific Resources Group of Companies LLC | 1-877-700-3010 | 151 Kalmus Drive, Suite C225

Costa Mesa, CA 92626 | www.pacrg.com