It’s true. Forgivable Payroll Protection Program (PPP) loans are no longer available right now. But this doesn’t mean you can’t get financial assistance that can help you weather the COVID-19 storm. You see, another source of relatively cheap money is available right now thanks to the Economic Injury Disaster Loan (EIDL) program. It’s administered by the Small Business … [Read more...]
Yes, the Antique Chair Is Deductible
Let’s assume, for the purpose of discussion, that you use a $10,000 antique chain in your office. Then let me give you two pieces of advice… First, be very, very careful when you sit down. Second, and definitely not a joke, learn how the IRS treats the depreciation of your chair and other valuable antique items that you use in your office. Understanding the … [Read more...]
PPP Update: Two New Rules for Owners of S and C Corporations
Here’s good news for S and C corporation owner-employees. During the past month, the Small Business Administration (SBA) issued: A new set of frequently asked questions (FAQs)A new interim final rule concerning the Payroll Protection Program (PPP) Taken together, these rules provide S and C corporations with significant benefits. What are they? How can you take … [Read more...]
Thinking of Moving to a Lower-Tax State? Tax Angles to Consider
Why do people move from one state to another? Sometimes it’s because they’re changing jobs, or want milder climate, or want to be near their families. And some folks move to another state because they want to pay lower taxes. But wait a second! Before you call the moving company and head off to a state that has no personal income tax, be very careful. You see, it’s … [Read more...]
Seven Things to Know Before You Take Out an EIDL
Does your business need working capital due to the terrible impact of the COVID-19 pandemic? If yes, consider taking out a Small Business Administration (SBA) EIDL loan. EIDL stands for the Economic Injury Disaster Loan program and it can provide up to $150,000 to businesses in need. But be aware. Although the EIDL can provide you with much needed capital, it’s a … [Read more...]