Amherst, NH Business Owner Seeks Advice
There are several tax breaks for businesses under the CARES (Coronavirus Aid, Relief and Economic Security) Act. Charitable contributions are adjusted from a maximum 10% of the company’s taxable income, to 25% of cash donations. Payment on the employer share of Social Security tax on payroll can be deferred until the end of the year and a tax credit is available of up to $5,000 per employee. The cap on a business loss has also been suspended.