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Many businesses and individuals are confused about how much taxes they will owe at the end...

Many businesses and individuals are confused about how much taxes they will owe at the end of this year due to the corona virus pandemic. The Federal government has passed and is passing even more tax saving programs this year. How can an accountant give good advice to individuals and businesses regarding income taxes today?

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Ans) Following advices can be given to individuals and businesses regarding income taxes today due to corona virus pandemic are as follows:-

Small Businesses are given many tax benefits due to this period one of is allowance for write off $150000 in assets.

While claiming deductions for travelling expenses, businesses needs to consider all the restriction that were put on travelling during this pandemic period otherwise no allowance will be given for such expenses.

As the tax rates are reduced for early withdrawal from pension or retirement funds, individuals can withdraw the same and can utilise it for working capital as markets are down, interest rates on borrowings are increased.

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