Stimulus Bill for Biz Owners
Updated: Jun 24, 2021
A lot of y’all should have gotten your stimmy checks already - well direct deposited. The IRS has until January 15th to get all payments out. Didn’t get all of money you were supposed to? Don’t worry, you’ll get a credit on your 2020 tax return - just make sure you let me know by checking the box on the tax organizer that you’ll be getting later this month if you’re a client of mine. Got too much money? you don’t have to pay it back. Sweet! You know what else you don’t have to pay back?
Check out these new laws per the recently passed COVID Tax Relief Act: - EIDL grants no longer lower your PPP forgiveness - EIDL grant expenses are now tax deductible - PPP expenses are now tax deductible - PPP forgiveness - now easier - these new applications are not out yet from the SBA PPP2 pre-applications are already being accepted!
To qualify: You had to have a 25% drop in revenue in any quarter of 2020 as compared to that same quarter in 2019 - so a lot of you will likely qualify due to a drop of income in Q2. Email me if you think you qualify and we can get your application in! - Have employees? (Not contractors) let’s chat to see if you qualify for the Employee Retention Tax Credit (ERTC) which is a $5,000 tax credit per employee for 2020 and a $7,000 tax credit per employee per quarter for 2021
- Any employees get COVID? There’s up to $5,110 tax credit you can get as the employee.
- Had to take care of your kiddos or an employee have to take care of their kiddos because school was shut down - you can get up to $10,000 tax credit
- Had to take care of a family member with COVID? Or an employee take care of a family member with Covid? Get up to a $2,000 tax credit.
- $600 above-the-line charitable deductions for 2021 - which means you get a deduction for charitable contributions even if you don’t itemize solar credits extended THESE FORMS FOR THE CREDITS ARE DUE JAN 30th so respond promptly to this email to get on my list to file for these credits. Please note: These are not free services as it takes a lot of time to see if you qualify, calculate the credit, and file the forms but the credits are totally worth it! Want more info on the new Tax Relief Act: view my IGTV HERE Current clients: you’ll be getting your tax season emails later this month! Not a client yet? Need to get on my list for 2020 tax prep?
Email me before I sell out. Lastly, client or not, I’m hosting a Masterclass on January 17th:
HOW THE HECK TO READ YOUR TAX RETURNS?
One of the most common questions I get asked is how to read a tax return. Or if you’ve ever thought: well, idk if it’s right but I’m going to sign it anyway. Whether you’re a business owner or not, you’ll learn how to see if your tax returns are accurate. It’ll be a 60 minute chat with me teaching you followed by however long it takes to answer everyone’s questions. If you can’t make it live, you’ll get the recording.
Only $97 - literally the cheapest ever way to work with me!
Don’t sign up the first time? It’ll be on my website for purchase later for $247 (so it’s best to sign up this time around!)