Small Business Profit Maximizer!

CARES Act Provides Substantial Payroll & SE Tax Payment Relief

The CARES Act includes provisions that allow you to delay payment of the employer portion of payroll taxes for your employees. It also offers delayed payments for Self Employment tax for Sole Proprietors and Partners.
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In this video I discuss the rules of the law and give guidance on when you should take advantage of this law. (Also includes a small rant about the lack of common sense being applied by the government on who can be open and who can't--sorry)

 

 

What is an EIDL Loan & Should I Apply for One?

Watch this video if you want to learn more about EIDL loans and what ever happened to the $10,000 loan advance you requested on the SBA web site. Also I cover what is covered in an EIDL loan and what you need to do to apply for one.
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Applying to Have Your PPP Loan Forgiven is Your Job Not the Banks!

Once you get your PPP loan a clock starts on how long you have to determine how much of the loan is forgiven and when you must send your bank your request for loan forgiveness with the required backup information.

In this video I detail the worksheet that the SBA has distributed to banks to use with their customer in order to request that all or part of the PPP loan is forgiven.

 

 

Why the Employee Retention Credit Might be a Better Option than the PPP Loan

The Employee Retention Credit is an overlooked part of the recently passed CARE act designed to help businesses survive the COVID19 related loss of revenue.

If you qualify, and most small businesses will, the credit can reduce your payroll tax payments and provide some cash up to $5,000 per employee.

In this video I discuss the workings of the Employee Retention Credit that eliminates your payroll tax payments with the excess being a refundable credit.

 

 

Tap Into Your IRA Tax Free During COVID19 Related Financial Crisis

The CARES Act allows taxpayers affected by COVID19 to borrow up to $100,000 from their IRA without tax or penalty. In this video we discuss who qualifies for this tax break, how you pay it back tax free and what happens if you can't or don't pay it back within three years.

 

 

Tax Breaks From the CARES Act

The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) included many tax breaks designed to get cash to individuals and businesses.

In this video I discuss how the $1,200 per person checks will be sent out, calculated and how it will be reported on your 2020 return.

Also the CARES Act increases the amount of Charitable Contributions allowed to be deducted. It also allows businesses to carry-back Net Operating Losses to prior years in order to get a refund of taxes paid in prior years. Also retroactively eliminates the limitation on business losses and allows Sec 179 deduction in full for Qualified Improvements made in 2019.

 

 

July 15th is the New April 15th

In this article I cover the change in the income tax filing deadline for individuals, C-Corps and trusts and estates from April 15th to July 15th. This also applies to 2019 tax payments and 2020 tax estimates. I also cover how this affects 2019 IRA, HSA and employer retirement plan contributions.

 

 

SBA Proves Once Again That You Shouldn't Count on the Government to Save Your Business!

Yesterday the SBA announced the long rumored changes to both the $10,000 grant and the Paycheck Protection Program that make both programs much less helpful to helping your business survive.

In this video I discuss these changes and how you can only count on your energy, creativity and hard work to help you survive this crisis and become more profitable than ever before.

 

 

Time for Business Owners to Get Creative!

First let me apologize for being missing in action for the past week. Have been helping my clients submit their applications for the Payroll Protection Program loans to the banks. So far I have prepared 47 loan requests totaling $4,407,087.

During this last week I have spoken with just about all my business clients. There is of course a ton of worry about the economy and the how and when we will get back to normal. My answer--don't assume that your business will return to what it was before all this mess without you being creative and making changes to your business and your business model.

In this video I give you a few examples that I have discussed with one of my clients.