Small Business Tax Resources in 2020

Submitted by Green America’… on January 22, 2020
Photo by Kelly Sikkema on Unsplash

Looking for tax deductions, small business guides, and more? Start here.

Small businesses face a variety of taxes based on your business structure. Your business will also have access to different funding opportunities based on this structure. We've compiled a shortlist of resources on taxes, managing finances, and financing opportunities for your business for the 2020 tax year.

Looking for resources on managing your finances? Whether you are a brand new small business or a long-standing cornerstone of the community, try the Small Business Administration's resource on Managing Your Finances.

Section 179 came about as part of the Stimulus Act in 2007 and has evolved some since then. Essentially, Section 179 allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Read more here: Equipment deduction in the Stimulus Act (Section 179).

Want a broader understanding of tax breaks for 2020? The 15 Must-See Tax Breaks for Small Business Owners in 2020 by Intuit offers an easy-to-understand list of impactful tax breaks for your small business. The Top 25 Small Business Tax Deductions is another helpful list.

Policies and incentives for renewable energy and efficiency vary by state. Check out this Database of State Incentives for Renewables and Energy and see what is available to you.

From loans to disaster assistance, the Small Business Administration: Guide to Funding Programs covers a wide array of funding opportunities for your business. Search here for new opportunities for your startup or refresh yourself on funding for your established business.

 

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