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Small Business Tax Updates from IRS

The following information may be of interest to individuals and groups in or related to small businesses:


 Interest rates remain the same for the fourth quarter 2021

The IRS announced that interest rates will remain the same for the calendar quarter beginning October 1, 2021.


Expanded tax benefits help individuals and businesses give to charity during 2021

The IRS explains how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.

The expanded benefits include increased limits on eligible cash contributions made by itemizers and on amounts deductible by businesses for certain donated food inventory.