Help for Mortgage Holders During Convid-19
Help for Mortgage Holders During Convid-19
www.HisCPA.com
Help for Mortgage Holders During Convid-19
www.HisCPA.com
Senate Unanimously Passes 2.2 Trillion Stimulus Bill: Surviving COVID – 19
The Senate Just Unanimously Passes 2.2 Trillion Stimulus Bill. Most agree the House will follow suit with the President Signing as well. The bill includes:
$1,200 to every single adult earning $75K or less or for a couple filing jointly $150K or less. Also provided is a $500 credit for children who are 16 years old or less. Incomes will be based upon 2019 returns if filed and if not the 2018 return will be used.
Unemployment Insurance Benefits will increase by $600 extra per week for four months and coverage extended to 39 weeks.
Zero interest loans to companies who spend proceeds on payroll, rent & utilities which even might be forgiven if you keep your workforce intact.
It was announced taxpayers can defer their 2019 IRS income tax payments by up to 90 days.
These are just outlines of the proposed changes with more to come.
Economic Survival During Coronavirus
Much of what one does during a down economic time will either positively or negatively impact much of what occurs during this time.
Stay Alert. Plan. Plan & Plan Again. Life, as well as our financial security, is indeed a journey rather than a destination. Any missteps along the way will cause delays and undue roadblocks in achieving some semblance of financial security.
Little Expenditures Will Hurt You/Monitor Small Outlays. Keeping tabs on the little things are what makes good companies great and what allows us to save little by little towards greater financial freedom. Just as an athlete rehearses all their mechanics over and over again, focusing on each individual step, so we should train ourselves to be wise stewards of our God given resources. Recurring monthly expenditures are a specific area in which we can easily see how quickly our spending can get out of hand.
Financial Considerations During Our Present Medical & Economic Crisis
Coronavirus has done a number on the health of our world, our economy, the way we live, where we go, the stock market and what we do to protect each other, our lives and our businesses.
I wanted to share with you a few thoughts as we dive into the new paradigm we call life. During these times, more than ever, it will be more critical to look to the needs of others, our families, our neighbors including those we don’t know and those we do.
It is critical to change the way we think
forever as any obstacle before us is one in which we can learn how to do life
and business better & I have a few thoughts I would like to share toward
that end.
Avoid
all unnecessary expenses seeking to focus your monthly budget only on what is
required to get by.
Do not add any new debt. Depending on your
available cash and your debt’s interest rates it may be a good time to consider
debt liquidation. Great care should be exercised during this time to ensure you
maintain liquidity in both your personal and business accounts.
Stay at home. Teach your children how to sew a
button, balance a checkbook, invest, buy a home, get insurance. There is so
much we can share with our children. We have always had the incentive to do so
and now we have the opportunity with so many if not all of our children at
home.
Get creative. Consider client incentives. Pay
attention to cash flows both in and out of your business and personal accounts.
Forecast. Forecast. And Forecast again! The more
we seek to anticipate tomorrow the better we will be prepared for it.
Consider key employees and any special needs
across the board. As a business owner keep in mind the IRS only requires one to
pay a fair and reasonable salary based upon profits and position. During times
of breakeven or less consider suspending your own wages until we all reach “the
other side of the curve.”
Evaluate and seek to source new income streams
for your business. Seek to fulfill new needs as well as those previously
ignored.
Look to reduce hours and compensation
accordingly in addition to seeking at all times to streamline and operate
efficiently and remotely.
Make critical decisions before you are
face-to-face with them for in so doing you will have more options and resources
to address key manpower and resource needs.
Hear and listen to health officials and protect
all those most vulnerable but as in aircraft put the oxygen on yourself so you
will have the strength to reach and help others.
Ponder and carefully consider all decisions as
they will impact the very lives of many as what we do in these times will help
refine and define our personal and business legacy.
I will be praying for you all.
“Be quick but don’t be in a hurry. Don’t mistake
activity for achievement. Failing to plan is planning to fail. Things work out
best for people who make the best of the way things work out.” — John
Wooden
John Dillard CPA, www.HisCPA.com
If you want a CPA that will truly take care of your business from A-Z you have found him right here at His CPA! John is the best!– Christoper Purvis, PNC Bank
While you’re laying on the beach you want to check out a good Christian fiction romance murder mystery set in the ambience of Charleston South Carolina. John Dillard as author rocks.
Charleston Dawn; romance the way God intended.
The Time to Prepare for Your Year End Taxes is NOW!
Don’t let the end of the year sneak up on you. Be sure to start getting your tax data and deductions together NOW so you will be well prepared to take every legal tax deduction available to you under Tax Cuts and Jobs Act of 2017 for which most of the provisions became effective January 1, 2018. Especially if you are amount the tens of millions of small business owners there are a host of changes that WILL affect your tax bill.
“Failing to Prepare is Preparing to Fail” — John Wooden
2018 Deduction for Pass Through Entities for Small Business Owners
In President Trumps most recent tax law changes there is a 20% deduction for Pass Through Entities for Small Business Owners. Be sure in addition to the tax rate deductions available to all personal returns your CPA considers this in your 2018 tax planning.
The change was added by Congress to “bridge the gap” between the reduction in the greatly reduced corporate rates and the marginally reduced personal rates for America’s Small Business Owners.
Plan Early & Plan Often!
It is now 25 years and still growing as a Gwinnett Chamber of Commerce member. The Gwinnett Chamber of Commerce is the greatest place I have ever found in the entire world to promote and grow your business and to work with other business owners and entrepreneurs in the area. Get connected. It’s your best bet.
HisCPA: A 30A Christian CPA Firm Proudly Serving Santa Rosa Beach, Seaside, Seagrove, Grayton Beach, Miramar, Blue Mountain, Seacrest, Inlet Beach, Rosemary Beach, Alys Beach, Watersound, Destin, Sandestin, Panama City Beach, Laguna Beach, Panama City, Niceville, Fort Walton & Freeport as an Award Winning CPA.
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