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3 Useful Tools to Keep Growing your Small Business during the Pandemic
With over 198 million COVID-19 vaccines given, and states like Texas, Arizona and Arkansas fully re-opening their economy, the uncertainty for small business owners is still prevalent. By setting short-term goals for your business, you can overcome the pandemic challenges and focus on the growth of your business with these useful tools:
Forgivable Stimulus Relief for Small Business
The initial funding for PPP of $349B got exhausted in the first two weeks of the program; this forced the SBA to change the program to give more emphasis to small business. As we approach the end of the Paycheck Protection Program (May 31), the average loan application reduced to $53,000 (compared to the $206,000 average at the beginning of the program), providing more opportunity for small businesses borrowers.
Eligible businesses qualify for a full PPP loan forgiveness. This is the reason we don’t recommend applying by yourself; taking full advantage of the forgiveness is a great opportunity to grow your business.
With the new Administration in the White House, many big changes to the legislation are already happening. Financial Planning can help you turn this changes into enormous opportunities for your small business:
- Increase Corporate Tax Rate from 21% to 28%
- Raise personal Income Tax Rates on Individuals and households earning more than $400,000 (affects small businesses organized as pass-through entities)
- Unincorporated pass-through entities are not subject to the Corporate Tax Rate because owners report their business income on their personal tax preparation.
Did you know that tax compliance costs are 67% higher for small businesses than for large corporations?
Planning and setting goals for your business is a great tool to overcome the lack of accounting resources in your small business. 89% of owners rely on external tax preparers.
Let’s talk about your financial goals for 2021, schedule a free zoom meeting here:
Are you wondering how to reduce your Tax Payments? Read This!
We can run your numbers for free and show you where the tax savings are hiding within.
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End of Year Small Business Checklist
The end of the year is a great time to review your small business financial checklist and make sure that you are ready for the upcoming year.
Santa’s Tax Savings Success Business Model
Today’s business owners are facing serious challenges that allow their business to grow. Learn from Santa’s Tax Savings Success Business.
High Interest Rate on Commercial Loans
Commercial loans are great because you can fund your business; be on the lookout for high interest rates when you apply for a commercial loan.
How Rising Inflation May Lead to Higher Tax Bills
Inflation has been rising over the past year. Taxes haven’t increased as quickly as inflation, but now it’s possible to pay more in taxes than you used to; this is because the IRS calculates taxes based on income and inflation.
2021 Tax Law Proposals Timeline
The Biden administration has introduced a series of tax proposals as part of the Build Back Better initiative to pay for new government programs such as education and infrastructure.
Bipartisan Infrastructure Bill
House has agreed to a motion to concur in the amendments made by the Senate to the Bipartisan Infrastructure Bill.
Senate Democrats Float “Billionaires Tax”
A billionaires tax on unrealized appreciation has floated to make up for the billions of dollars in new revenue that would be raised by tax increase.
Build Back Better Act (Draft Released)
Build Back Better Act has been launched includes approximately 1.75 trillion dollars to combat climate change, extend health care and ease child poverty.
Capital Gains, a Retroactive Timeline
With the new tax hikes proposal developed this week in Washington, there are notable changes coming to your capital gains and dividend income taxing.