Taxing Times: Can Small Businesses Deduct Expenses Paid With PPP?

The video discusses the impact of the COVID-19 pandemic on small businesses, highlighting that many have closed despite government relief. It explains that small businesses can deduct expenses paid with PPP money, even if they have shut down. The video advises small business owners to consult professional tax services for deductions and provides additional resources for the 2020 tax season.

What was one of the major impacts of the COVID-19 pandemic on small businesses?

• Increased profits

• Expansion of business operations

• Permanent closures despite relief funding

• Decrease in online sales

Can small businesses deduct expenses paid with PPP money?

• Only if they have more than 50 employees

• Yes, even if they have shut down

• Yes, but only if they are still operational

• No, they cannot

What is recommended for small businesses planning to deduct expenses paid with PPP loans?

• To wait until the next tax season

• To ignore the deductions

• To consult a professional tax service

• To handle taxes themselves

Why is it important for small businesses to consult a tax professional regarding PPP loans?

• To ensure compliance with tax laws

• To avoid paying any taxes

• To get a refund from the government

• To increase their loan amount

Where can small businesses find more information about the 2020 tax season?

• visitnews.com/taxingtimes

• smallbusinesstaxes.com

• pppinfo.org

• govtaxhelp.com