If you’re a business owner, it can be difficult to keep up with the ever-changing tax codes. While many of these changes are relatively minor, there are some major overhauls that could significantly affect your bottom line. The key is knowing which laws have changed so that you can take advantage of any new deductions or credits available to you. That’s why it pays to hire a knowledgeable tax professional who stays up-to-date on all the latest changes.  Master Plan Tax Solutions has been helping businesses like yours navigate these complex regulations for years – don’t wait another minute to call them today!

Tax Reforms in 2021

The most significant change in 2021 was the passing of the American Rescue Plan Act (ARPA), which was signed into law in March 2021. This act provided a number of incentives designed to aid individuals as well as small business owners, such as an extension of certain pandemic relief assistance programs and new provisions for employer-paid sick leave and family leave credits. It also extended existing tax credits for employers who provide health insurance premiums for their employees and allowed for businesses who use the cash method of accounting to deduct up to $10 million from their taxable income.

The ARPA also included several other important provisions, including raising the maximum amount that individuals can contribute to their retirement accounts and allowing businesses to claim enhanced deductions for meals and entertainment expenses incurred between 2021 and 2023 (up from 50% in 2020).

Tax Planning Tips from Master Plan Tax Solutions 

At Master Plan Tax Solutions, we understand how overwhelming it can be to keep up with all the new tax regulations every year, especially when they can have a direct impact on your pocketbook! That’s why our team always takes extra care when preparing our clients’ taxes; not only do we make sure that we follow all relevant regulations, but we also look out for potential deductions or credits that could help maximize your refund or minimize your liability. We usually recommend keeping track of all your expenses throughout the year so that you don’t miss out on any potential savings come tax time. We also suggest hiring a professional who has experience working with complex tax regulations – someone like us!

Taxes may seem daunting at first glance but having access to accurate information and personalized advice from a qualified professional makes them much easier to understand – and helps ensure that you get every penny back that you deserve! Don’t wait until April 15th rolls around – call Master Plan Tax Solutions today so we can start planning ahead for next year’s taxes now! With our expertise at your disposal, you won’t miss out on any money-saving opportunities come filing season. Plus, if there are any changes in federal or state law during this time period, you’ll know exactly how those changes will affect you before anyone else does – giving you an edge over other taxpayers! Whether you’re just starting a business or need help navigating complicated regulations – Master Plan Tax Solutions has got your back! We look forward to hearing from you soon!

Contact by phone at: 682.444.PLAN (7526) or set up an appointment at the website: https://masterplantaxes.com