Chilson Business & Tax Services

Our passion is to educate our clients. We enjoy working with small businesses and start-ups. Now offering secure, non-contact tax returns! Build your business, grow your wealth! #payroll #smallbusiness #bookkeepingsupport #taxprofessional #educationisourpassion

When filing your taxes this year and if your business was affected by Covid, talk to your tax professional about the Federal Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals

Good News - Tax treatment on the PPP loan. PPP loans will not be included as taxable income. Expenses paid with the proceeds of the PPP loan that is forgiven are now tax-deductible. This covers not only new loans but also existing and prior PPP loans, reversing previous guidance from the Treasury and the Internal Revenue Service, which did not allow deductions on expenses paid for with PPP proceeds. In addition any income tax basis increase that results from the borrowers PPP loan will remain even if the PPP loan is forgiven.