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Mark Johnson

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Everything posted by Mark Johnson

  1. 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
  2. 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 View full article
  3. Are you a Iowa shop owner? If you have been affected by COVID-19, have 2-25 employees and have a location in the state you can get a grant of between $5,000 and $25,000 from the Iowa Small Business Relief Grant Program. (If you are not from Iowa please tell friend from the state) YOU MUST APPLY NOW! (Deadline is March 31, 2020) So what information do you need? A LOT! ● Most recent Income Statement ● Revenue Loss Analysis ● Most recent Balance Sheet ● Payroll Schedule And Analysis ● Funds utilization report ● Fill out All Paperwork You need to apply now because applications close March 31, 2020. This is FREE money, don't let it pass. We are currently helping business owners to access this grant. For more info please call us at 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
  4. Are you a Iowa shop owner? If you have been affected by COVID-19, have 2-25 employees and have a location in the state you can get a grant of between $5,000 and $25,000 from the Iowa Small Business Relief Grant Program. (If you are not from Iowa please tell friend from the state) YOU MUST APPLY NOW! (Deadline is March 31, 2020) So what information do you need? A LOT! ● Most recent Income Statement ● Revenue Loss Analysis ● Most recent Balance Sheet ● Payroll Schedule And Analysis ● Funds utilization report ● Fill out All Paperwork You need to apply now because applications close March 31, 2020. This is FREE money, don't let it pass. We are currently helping business owners to access this grant. For more info please call us at 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min View full article
  5. Shop owners, if you are having problems with cash flow due to the Coronavirus or even if you are not feeling the effects yet. It is always a good idea to make preparations to have enough cash on hand. With that said, the government has allocated 8 Billion to assist business owners affected by COVID-19 by offering SBA disaster loans and I am helping shop owners with filing their applications. Please see my article for more info.
  6. In an effort to update the group with all the most recent developments, we are happy to inform you that on March 20, 2020 the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks, their personal health or the public health measures needed to combat the virus. To learn more about how this will work or how to access up to $2M in Federal SBA disaster loans call us at 954-324-0803 or book a time in our calendar https://calendly.com/markjohnsontaxplanner/45strategysession.
  7. In an effort to update the group with all the most recent developments, we are happy to inform you that on March 20, 2020 the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks, their personal health or the public health measures needed to combat the virus. To learn more about how this will work or how to access up to $2M in Federal SBA disaster loans call us at 954-324-0803 or book a time in our calendar https://calendly.com/markjohnsontaxplanner/45strategysession. View full article
  8. Shop owners did you hear? If you have been affected by COVID-19 you are eligible for a SBA disaster loan of up to $2M. This loan is from the Federal Government with interest an rate of 3.75% and up 30yrs payment term. It is not available in private financial institutions (banks). ALL STATES CAN NOW APPLY! So what information do you need? A LOT! ● Most recent Federal income tax returns ● Personal Financial Statement ● Schedule of Liabilities listing all fixed debts ● You Fill out All SBA Paperwork ● Year-end profit-and-loss statement and balance sheet for that tax year ● A current year-to-date profit-and-loss statement ● Monthly sales figures for increases in the amount of economic injury. And there may be even more! We are currently helping shop owners navigate through the applications process. For more info call us at 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
  9. Shop owners did you hear? If you have been affected by COVID-19 you are eligible for a SBA disaster loan of up to $2M. This loan is from the Federal Government with interest an rate of 3.75% and up 30yrs payment term. It is not available in private financial institutions (banks). ALL STATES CAN NOW APPLY! So what information do you need? A LOT! ● Most recent Federal income tax returns ● Personal Financial Statement ● Schedule of Liabilities listing all fixed debts ● You Fill out All SBA Paperwork ● Year-end profit-and-loss statement and balance sheet for that tax year ● A current year-to-date profit-and-loss statement ● Monthly sales figures for increases in the amount of economic injury. And there may be even more! We are currently helping shop owners navigate through the applications process. For more info call us at 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min View full article
  10. The Accountable Plan is one of our most successful strategies and gives up to $10K in tax savings per year. An Accountable Plan allows employees and in your case, owner-employees to be reimbursed for business expenses paid out of pocket. The expenses become deductions to the business and the employee or employee-owner can be reimbursed creating non-taxable cash flow to them. In order for the plan to be a “Qualified Accountable Plan” it must have the following connection points: · Business Connection · Substantiation (Expense Reports - with receipts) · No Excess Payments · Timeliness (30 - Day Rule) If not disbursed under an accountable plan, the payments could be considered additional wages by the IRS. For this reason, you need an accountant familiar with the accountable plan for the initial setup. Examples of expenses that qualify are mileage, auto, home office, travel, meals & entertainment expenses. Learn more about this and other LEGAL tax saving strategies by contacting us at 1954-324-0803 or booking an appointment at https://calendly.com/markjohnsontaxplanner/45min.
  11. The Accountable Plan is one of our most successful strategies and gives up to $10K in tax savings per year. An Accountable Plan allows employees and in your case, owner-employees to be reimbursed for business expenses paid out of pocket. The expenses become deductions to the business and the employee or employee-owner can be reimbursed creating non-taxable cash flow to them. In order for the plan to be a “Qualified Accountable Plan” it must have the following connection points: · Business Connection · Substantiation (Expense Reports - with receipts) · No Excess Payments · Timeliness (30 - Day Rule) If not disbursed under an accountable plan, the payments could be considered additional wages by the IRS. For this reason, you need an accountant familiar with the accountable plan for the initial setup. Examples of expenses that qualify are mileage, auto, home office, travel, meals & entertainment expenses. Learn more about this and other LEGAL tax saving strategies by contacting us at 1954-324-0803 or booking an appointment at https://calendly.com/markjohnsontaxplanner/45min. View full article
  12. Do you ever worry that if the credit card you’re using to make business purchases isn’t in your business name that you won’t be allowed to take the deductions? The good news is, that’s not the case—even if you have a separate entity! This doesn’t mean you should mix personal and business expenses. When you take a personal credit card and use it entirely for business expenses, you are essentially contributing this debt to your business. You can use the card the same as if it was in the company’s name and deduct every business expense you purchase on it. This can be a great strategy, just like with auto loans, when the company is new because it’s harder for new companies to get lines of credit without an established credit history. So if you’ve got a personal credit card available for business expenses, feel free to use that card and benefit from all of the rewards! To learn more please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
  13. Do you ever worry that if the credit card you’re using to make business purchases isn’t in your business name that you won’t be allowed to take the deductions? The good news is, that’s not the case—even if you have a separate entity! This doesn’t mean you should mix personal and business expenses. When you take a personal credit card and use it entirely for business expenses, you are essentially contributing this debt to your business. You can use the card the same as if it was in the company’s name and deduct every business expense you purchase on it. This can be a great strategy, just like with auto loans, when the company is new because it’s harder for new companies to get lines of credit without an established credit history. So if you’ve got a personal credit card available for business expenses, feel free to use that card and benefit from all of the rewards! To learn more please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min View full article
  14. To refresh, a business meal includes: meals in your area of business WITH a business colleague, or meals by yourself when you travel out of town for business. The key to making sure any deduction holds up in an audit is DOCUMENTATION. For meals specifically, there are five items you need on a receipt: 1. The name of the restaurant 2. The date of the meal 3. The amount you paid 4. Who you met with and their business relationship 5. What business items you discussed The first three items are already on the receipt so you’re covered there. The last two, a best practice is to jot them down on the receipt right when you make a purchase and then snap a picture of that receipt so you have it! Remember, you want to pay as little tax as possible and also have those deductions HOLD UP if you get audited! Please take the proper steps to document your meals guys. To learn more about this and other tax saving strategies please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
  15. To refresh, a business meal includes: meals in your area of business WITH a business colleague, or meals by yourself when you travel out of town for business. The key to making sure any deduction holds up in an audit is DOCUMENTATION. For meals specifically, there are five items you need on a receipt: 1. The name of the restaurant 2. The date of the meal 3. The amount you paid 4. Who you met with and their business relationship 5. What business items you discussed The first three items are already on the receipt so you’re covered there. The last two, a best practice is to jot them down on the receipt right when you make a purchase and then snap a picture of that receipt so you have it! Remember, you want to pay as little tax as possible and also have those deductions HOLD UP if you get audited! Please take the proper steps to document your meals guys. To learn more about this and other tax saving strategies please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min View full article
  16. @Southards I would be happy to review your tax situation, just shoot me a direct message. Accountants who works directly with auto shops would know more tax saving strategies relating to the industry.
  17. @rpllib Have you ever thought about a Phantom Stock Plan? This is a deferred compensation plan where you can allocate stocks in your shop to employees if they meet certain predefined growth or sales targets. The beauty of this strategy is that, you don’t have to give up ownership of your business, the stocks are vested some time in the future therefore you can buy insurance or do investments to make the payments when they become due and most of all the employees will be working towards something ie. a part of the business. Quick case study. Say your shop is valued at $10M. You would say for example, if the shop increases revenue by 20% over five years the employee will get say 12% (this will be decided by you). Now during those five years you can buy insurance or investments to pay for the shares when they become due or if you want him to take over the business he can take it in actual shares. This plan comes with a lot of tax benefits and at the end of the day the employee has an incentive to help grow the business. To learn more about Phantom Stock Plans you can send me a private message or visit my website.
  18. According to The NY Times, you should have a well-padded cushion of savings by age 50 if you want to retire comfortably. This is how it should look: By age 50, have five times your annual salary saved. ( ie. $100K income = $500K savings) By age 55, have six times your annual salary saved. ( ie. $100K income = $600K savings) By age 60, have seven times your annual salary saved. ( ie. $100K income = $700K savings) The Times also reports that less than 13% of Americans have a pension or a solid retirement plan. How does your situation looks? Are you on track to retire comfortably? If not, no need to panic. We can guide you in getting there. If a shop owner who is currently 50 years old starts putting away $2,700 every month until he retires at 67. He would have amassed $1,245,344 by the time he retires. Now you might be asking where will I get the money from to save? Well, most of the shop owners that I encounter are overpaying an average of $22,679 in taxes yearly. This amount alone could easily be used to fund your retirement plan. When we met Henry he was 62 and his shop was netting a little over $283K per year. We were able to find tax savings which allowed him to save $84K per year and in 8 years he had over $1.1M in retirement savings. To learn how to use your tax savings to build your retirement portfolio message me directly or book a free consultation via my website.
  19. He had been working with his accountant for 6 years. That’s over $134k in over-payments. The reality is most CPAs only do tax preparation not tax planning, there is a HUGE difference! I am offering free tax planning assessments to all group members. Where we will look at: Deductions review & Strategy planning Legal Entity Optimization Retirement Option & Plan to Hit Extra 1M by Retirement Insurance Review & Assets Protection TCJA (Trump Tax) Review Message me direct or book your slot on my website.
  20. He had been working with his accountant for 6 years. That’s over $134k in over-payments. The reality is most CPAs only do tax preparation not tax planning, there is a HUGE difference! I am offering free tax planning assessments to all group members. Where we will look at: Deductions review & Strategy planning Legal Entity Optimization Retirement Option & Plan to Hit Extra 1M by Retirement Insurance Review & Assets Protection TCJA (Trump Tax) Review Message me direct or book your slot on my website. View full article
  21. @Joe Marconi For all the shop owners who are looking to exit their business through sale of the business. Please ensure to do tax planning before you sign off on the sale. There are strategies which can totally eliminate your transfer taxes but it can only happen if the strategies are implemented before the sale. If you don’t wish to sell now, you can take cash out of the value of the business. There are compensation and profit sharing strategies that will. Give you cash from the business Keep employees loyal and they will feel like a part of the business. This will allow you more time outside of the shop. You don’t have to pay for it out of your shop’s cash flow.
  22. Joe you are so very true. Did you guys know that you can use your home to get between $10k-$20k in business expense deduction on your taxes every single year. And I'm talking about the home office expense deduction.
  23. Have you ever done a Tax Planning exercise? Do you know the difference between Tax Preparation and Tax Planning? Tax Preparation is the backward-looking process of using your income to produce a tax return for the IRS. It is done after the fact and its main purpose is compliance. Tax planning however, is a strategic and proactive look at your business and personal finances in an effort to Legally minimize your tax exposure while ensuring that you are in compliance with the Internal Revenue Code (IRC). Not knowing the difference between the two can cost you thousands of dollars in unnecessary over payments, fees, penalties, interest charges or even jail time. I am a Tax Strategist who helps Auto Shop owners to reduce taxes by as much as 50% and eliminate financial risks. To learn more please free to reach out. View full article


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