Shocking Truth About The PPP They Didn't Tell You!

If you have received the PPP loan, have you looked at your bank statement lately? If you see something strange with the PPP loan balance such as, new interest charge, don't panic. Under the SBA Website, there is a document that goes over the rules and regulations of the Paycheck Protection Program that has been overlooked by everyone. Watch our video to learn more!

 

If you want to learn how to achieve 100% loan forgiveness on the PPP loan, click this link:
https://www.oneselfclub.com/resources/vlog/videos/how-to-achieve-100-forgiveness-on-the-ppp-loan

 

Are You Missing Home Office Deductions?

Do you have a Home Office?

You could be missing out on Home Office Deductions that could save you hundreds or thousands. Whether you started their own business, do some freelance work on the side, work remotely for an employer, or were sent home for a few months because of the coronavirus. You may be able to take a tax break for your home office expenses, but you need to follow some strict rules. There's a lot of confusion around the home office deduction because many remote workers who took the break in the past are no longer eligible – the Tax Cuts and Jobs Act eliminated the home office deduction for employees who work from home for an employer. But self-employed people can still take the break if their home office qualifies.

To qualify for the home office deduction, you must use part of your home "regularly and exclusively" for business. Your office doesn't need to be in a separate room, but it has to be in an area of your home where you don't do anything else. It can be a dedicated nook in the corner of your basement, for example, but it can't be the kitchen table where your family also eats.

If you're working at home for just a few months – which so many people are doing now because of the coronavirus – you may be able to take a partial-year home office deduction when you file that year's income tax return but, you must be self-employed, the home office must be used regularly, and exclusively for business during those months. Keep this requirement in mind if you're setting up a temporary office in your home: It doesn't have to be a separate room, but it has to be a space you use exclusively for your business.

If you have any questions about home office deductions, talk to us today. We're here to help!

Now That Tax Season is Over, What's Next?

Now That Tax Season is Over Whats Next

Now that tax season is over with, it is time to relax and run your business without having to worry until next season. However, using this time after tax season is the best time for you to prepare for next year's taxes, which can lead you to save more on tax deductions. Without proper planning, it can lead to costly mistakes or even IRS audits! Sure, you could relax since that is "next year's" problem, but why wait till the last minute? 

Do you know how much you could save on taxes if you spend the time to prepare for them? What are the mistakes that you could be making on your taxes? Look at our video below to learn more!

Without a proper book for your business, you won't know what your income or expenses are for your business and there could be a chance that your funds could be commingled with your personal funds which at that point will create confusion on what is or is not deductible. Let's not forget, it would be difficult for you to do your taxes without a proper bookkeeper for your business. 

Doing the books yourself could take you hours away from running your business and you would rather run your business instead, right?

How To Achieve 100% Forgiveness on the PPP Loan!

So you have received the PPP loan for your business to ensure your business survives during the pandemic. Great! However, you now have another predicament, how are you going to figure out how to obtain 100% forgiveness on the PPP loan?

There is a PPP Loan Forgiveness Application Form 3508EZ, that you could fill out to achieve loan forgiveness, but you need to make sure you're eligible to apply for loan forgiveness using this form. There is a lot of information you would have to put down on it that will ask for:

  • SBA PPP Loan Number & Lender PPP Loan Number
  • PPP Loan Amount
  • PPP Loan Disbursement Date
  • Employees at Time of Loan Application & Employees at Time of Forgiveness application 
  • And More!

Don't worry, we know this could get extremely overwhelming so we have a video that will help you out!

Technology Accounting Company Powered By AI? Think Again!

Over the past decade, there have been many startups that have appeared out of nowhere and have succeeded in gaining investors. A major reason why these startups are so popular is because most people want to be a part of the next big thing. Unfortunately, these investors are later disappointed due to these companies never following through on their goals and/or plans.
 
Although many start-up companies do not get the attention they deserve, the ones that do succeed owe their triumph to their strategic network and their many connections. The promise of an AI that automates the work for you, who would not want to be part of that? Any startup that pitches that idea will gain a lot of traction from the start. The only problem is
following through with the commitment. So far it has only lead to disappointment or do they? Check out our most recent video about the subject and why only using technology alone won't benefit business owners with their finances.