SEED Business

Your weekend getaway can be a deductible.

The strategy is called “wrapping a weekend.”

The IRS states that if you travel for business and work both Friday AND the following Monday, then the Saturday and Sunday in between count as business days.

So your hotel and all your meals are deductible for the weekend.

Unfortunately, activities are no longer deductible, but tax-deductible hotels and meals give you a discount on your taxes. Remember to document your activities on both Friday and Monday so you have the proper records!

"The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time."

Check out our co-founder Ensa Huger . She will be speaking about "Funding for small business" on March 31.

Register at www.quickbooksconnect.com

Greetings from your friends at SEED/TaxBar Atlanta,
2020 was not an ordinary year. And this tax season is no different.

The Covid-19 pandemic and the resulting government relief (PPP, stimulus checks, etc.) have created unprecedented tax implications. In an official letter to the IRS, the American Institute of Certified Public Accountants (AICPA), urged the department to extend the filing deadline to June 15th. The Vice President of the AICPA deemed meeting the April 15th deadline as “not possible for many taxpayers and their tax advisors.”

Although we do not know if this deadline will be extended, we are working diligently to file your tax returns in a timely manner given the circumstances. We recommend that you request an extension if you have any concerns about the deadline. Please use the link below to submit your extension request for us to file.
If you choose to file an extension, please note that this is only an extension of the tax filing and not the tax payment. You can pay part or all of your estimated tax payment.

We will keep you updated about any changes that will impact this tax season. Thank you again for working with us.