Harvest Time Tax + Financial Services

The Small Business Administration (SBA) is expanding the COVID-19 Economic Injury Disaster Loan (EIDL) program, giving nonprofits and small businesses the ability to borrow up to $500,000 for up to 24 months.

Harvest Time Tax + Financial Services has the motivation you need to get going this Monday.

Learn about business from your friends at Stockbridge based Harvest Time Tax + Financial Services. #SmallBizStat

U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 during the year. The due date for 2020's report is April 15, 2021, with an automatic 6-month extension to October 15, 2021. Failure to file can result in draconian penalties.

Here's your tax fact of the week from your friends at Harvest Time Tax + Financial Services.

Individuals starting up a new business, especially those operating small businesses, may be helped by a tax law allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational expenses in the first year of the business's operation. This is in lieu of amortizing the expenses over 180 months (15 years).