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Business & farm
You should handle the loan forgiveness that occurred in 2021 on your 2021 tax return. Keep in mind, that any business deductions that you got in 2020 are still deductible even though the loan was forgiven in 2021. The expenses are tax deductible, and your PPP loan will not affect your 2020 taxes.
‎February 23, 2021
10:44 AM