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

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Business

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University

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Practice Problem

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Hard

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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.

2 questions

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OPEN ENDED QUESTION

3 mins • 1 pt

Why is it important for small business owners to consult a tax professional?

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OPEN ENDED QUESTION

3 mins • 1 pt

What resources are available for small businesses regarding the 2020 tax season?

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OFF

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