Based on the new tax regime introduced by the government, 70 out of 100 deductions are being taken away in lieu of an easy tax structure. If you’re interested in this year’s income tax deductions and exceptions, as well as in the right merchant cash advance (MCA) for your business, you’re at the right place.
2020 Income Tax Deductions & Merchant Cash Advance
The Internal Revenue Service (IRS) has made the cap on 401(k) contributions $19.500 from $500. Below, you can find important information concerning taxes and changes for the year 2020:
- Life insurance is viewed as a personal expense, so there’re no tax deductions in this case.
- Self-employed people can’t deduct health insurance premiums.
- If you, a business owner, pay premiums for life insurance to protect your family, can’t be subject to tax deductions. If your life insurance policy is for protecting your business assets, the premiums will be tax deducted.
- If you’re running a Limited Liability Company (LLC), you’ll be taxed as a partnership or a sole proprietor. This year, you may qualify for income deductions.
- Being the owner of an S-corp, you can be an employee, paying yourself a salary. If this is your case and you