Many small business owners have not applied for the PPP cash infusion because there’s a four-letter word associated with it. That four-letter word has caused many business owners to say I don’t want to play the PPP game. If you have not yet applied for your PPP cash infusion, you likely need to get your completed application to an approved SBA lender on or before August 6, 2020. Why? Because the SBA needs to approve your loan on or before August 8, 2020.
Due to COVID-19, the IRS postponed almost all tax payments until July 15th. Now—it’s time to pay. If you have the cash, you may be wondering what’s the best way to make your payments. If you don’t have the cash, you may not know what to do. We’re here to help!
If you’re self employed (independent contractors and sole proprietorships) with no employees can also apply for this (potentially) fully forgivable loan. You must spend the money within 8 weeks of receiving it and document your expenses. In this guide we will focus on how to successfully apply for and receive a fully forgivable PPP loan. This guide is broken down into three steps: application and receipt of funds, documentation and use of funds and requesting loan forgiveness (Yes, you have to request. It’s not automatic).
As you probably know, establishing a home office for your Schedule C or corporate business creates valuable tax deductions. But it’s not available only for your proprietorship, partnership, or corporate business. If you have rental properties, you can establish a home office to manage your rental properties and deduct the cost on your Schedule E. The first hurdle is that your rental activities have to qualify as a “trade or business” under the tax law.
