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Marina Parkin (Koontz & Parkin, CPAs) and Jo Ann Koontz (Koontz & Associates, PL) explain why it's so important to plan for your 2020 tax season now. The CARES act has provided many benefits for businesses that are doing well this year and for companies that have struggled during the pandemic. Learn about some new ideas that will save you money on taxes and get you prepared early.

Getting Organized Early

4:40 Get organized and ready for your 2020 taxes. 2020 was distracting. It's easier to gather expenses and reports now rather than waiting until March and April 2021. Choosing software and paying for a bookkeeper will allow you to focus on your business and make money instead of wasting opportunity.

Tax planning ideas related to the CARES act

15:16 Required minimum contributions to IRA are not required this year
18:12 Qualifying for COVID related IRA withdrawal without penalty
21:36 401k allows loans, take up to 100%
24:34 Charitable contributions benefits
27:44 Net operating loss and carryback previous year losses
40:01 Bonus depreciation on improvements
44:55 Solar panel credit
46:35 Timing of revenue recognition and expense recognition
49:42 Retirement contributions
50:56 Health savings account
52:00 PPP loan forgiveness updates