{"id":7786,"date":"2021-02-02T14:27:34","date_gmt":"2021-02-02T19:27:34","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=7786"},"modified":"2026-02-12T04:53:09","modified_gmt":"2026-02-12T09:53:09","slug":"3-tips-latinx-small-businesses-can-tap-into","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/3-tips-latinx-small-businesses-can-tap-into\/","title":{"rendered":"Get ready for tax season \u2013 3 tips Latinx small businesses can tap into"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tGet ready for tax season \u2013 3 tips Latinx small businesses can tap into\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"Rafael\t\t\t\tRafael Casas<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Consulta la versi\u00f3n en espa\u00f1ol de este art\u00edculo aqu\u00ed<\/a>.<\/em><\/p>\n\n\n\n

You may still be in survival mode from 2020 and the upcoming tax season is no small feat. If you are a Latino-owned business or an accountant with Latino small business owners as clients, you know that the events of 2020 has had a major ongoing impact on their well-being<\/a>.<\/p>\n\n\n\n

For Latino-owned businesses, preparation for tax season can save both time and money. Plus, the two stimulus packages passed and understanding of their implications is critical for this year\u2019s tax season.<\/p>\n\n\n\n

(If you need a refresh, check out our Sage Advice resources<\/a> on the Paycheck Protection Program).<\/p>\n\n\n\n

Let\u2019s get you up to speed. We\u2019ve gathered some helpful tips for these small businesses as they navigate this year\u2019s tax season.<\/p>\n\n\n\n

1.      First thing\u2019s first, organize your financial and tax records<\/h2>\n\n\n\n

As a small business, make sure to organize all your receipts and other information accordingly. Take advantage of automation technology, like AutoEntry<\/a>, to organize and secure your financial and tax record information in the cloud.<\/p>\n\n\n\n

Understand all the common tax forms and records you need prior to filing your tax returns. The IRS provides a good list on their website<\/a> as a starting point. Remember that if you employ workers, your business is responsible for providing certain forms to them. Ensure you provide the correct forms for the right employees.<\/p>\n\n\n\n

2.      Beware of possible changes to your 2020 tax return<\/h2>\n\n\n\n

If you received aid through the CARES Act, your tax filing may be more complicated this year than in years past. Congress has ruled that expenses made paid by the PPP loan can be deducted<\/a>, so it\u2019s imperative that those records are in order.<\/p>\n\n\n\n

We highly encourage you to seek the advice of a professional tax professional or CPA if you indeed need help keeping in compliance.<\/p>\n\n\n\n

The other change from 2020 is the increase in unemployment insurance. Because of the economic impact of coronavirus, millions of people received unemployment income last year. This is particularly important for independent contractors or self-employed people<\/a> who aren\u2019t usually eligible for these benefits but received them under the CARES Act.<\/p>\n\n\n\n

If you are a contractor or self-employed, take this into consideration as this could result in smaller refunds or taxes owed this year.<\/p>\n\n\n\n

3.      It may be time to partner with a CPA<\/h2>\n\n\n\n

If you\u2019re a freelancer, small business owner, or investor, partnering with a CPA is more than just getting tax advice, this expert can really help with planning for the future and business growth strategies.<\/p>\n\n\n\n

For Latino-owned businesses, you may have to take into account the following priorities:<\/p>\n\n\n\n