By Mark Johnson
Hello shop owners, there is a lot of money there to get you through COVID-19.
Trump signed it.
Here's what you get:
● SBA Forgivable Loans Up to $10,000,000*
● SBA Emergency Grant Up To $10,000*
● Withdraw Retirement Penalty Free Up to $100,000*
● SBA Disaster Loans Up To $2,000,000
● Defer Payroll Taxes Sec 2201 To 2021/2022*
● Recovery Rebates $2,400 MFJ/$1,200 Single*
● Get Cash For NOLs In '18, '19, '20*
● Employee Retention Credit Up To $10,000/employee*
● Sick Employee Payroll Tax Credit Up To $2,000/employee/qtr
And there is SO MUCH to consider.
From CNN: Trump signs historic $2 trillion stimulus after Congress passes it Friday
Washington (CNN) - President Donald Trump signed into law Friday afternoon a historic $2 trillion stimulus package as the American public and the US economy fight the devastating spread of Covid-19.
The far-reaching legislation stands as the largest emergency aid package in US history. It represents a massive financial injection into a struggling economy with provisions aimed at helping American workers, small businesses and industries grappling with the economic disruption.
From Fox News: Trump signs $2T stimulus bill after House approves historic coronavirus response
President Trump on Friday signed a more than $2 trillion legislative package to combat the coronavirus pandemic and send economic relief to workers and businesses squeezed by restrictions meant to stop the outbreak’s spread after the House of Representatives overwhelmingly approved the legislation earlier in the day.
"I want to thank Democrats and Republicans for coming together and putting America first," Trump said during an afternoon Oval Office signing ceremony.
For more info please call us at 1-954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
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By Joe Marconi
Shop owners, you have a little less than two months before the end of the year. And that means it's time to start thinkning about your Tax Planning for 2019. Don't procrastinate on this. Meet with accountant. Review the year, review profit. Consider things such as major equipmenet purchases and other major investments you made in 2019. Look at bottom line profit and determine if you set aside enough cash to pay your taxes come April 15, 2020.
One thing, Cash is King, So, before you purhase any major equipment before the end of the year, listen to your accoutant, not the Tool Sales-person. In many cases, it's better to pay some tax and hold on to cash for a rainy day.
A little planning now will save you big time in 2020, and also help you sleep better!
By Joe Marconi
Memorial Day is a time for barbecues and parties. However, it’s also the day in which we remember and honor those who have died while serving in the United States Armed Forces. Please take time this weekend to reflect and honor those that sacrificed their lives for this great country!
By Joe Marconi
Here's a tip I have posted before, but it's worth repeating.
One job that goes unnoticed most of the year is the job of the part's driver. You get part deliveries all day long, every day, all year long. Many times, these part's drivers take all the abuse due to wrong parts, the parts took too long to be delivered, on and on and on. Those drivers may not say anything, but they take it to heart.
So, here's what you are going to do. Buy small gifts, such as small boxes of candy or chocolate. Nothing expensive. During the holidays, give all the drivers one of these small gifts and say "Thank you, I appreciated what you do."
Two things will happen. First, the driver will be stunned and will not know what to say, and they will be very thankful that you thought of them.
The second thing that will happen is this: The very next time those part drivers have three delivers to make at three different shops, what shop do you think they will want to go to first? Yes...Yours!