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May 1, 2020 -- Volume 19, No. 5

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Presenting a New Book!

Home Business Magazine's Home-Based Start-Up Guide :

A Step-by-Step Road Map--with Checklists--to Get You Started-Up, Profitable, and Successful in Your Own Home-Based Busines s

by Barbara Weltman

Purchase TODAY from Amazon!

Additional Supplement for Coronavirus-Related Tax Changes

The coronavirus — COVID-19 — has necessitated many changes in tax rules impacting 2019 returns, estimated taxes for 2020, and refunds related to taxes in pre-2019 years. To keep you informed and help you handle your 2019 return, your 2020 estimated taxes if needed, and refund opportunities, here are some tax changes of note from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act as well as from the IRS. Read More

Preparing for Economic Changes: Post Pandemic Business Picture

In a post-pandemic world, business is not as usual. Many things have already changed, and many more changes are poised to occur. As Aldous Huxley implied with his 1932 book, it’s a Brave New World. Read More

What to Know about Tax Losses Due to COVID-19

Many small businesses likely will have losses for 2020. After the COVID-19 subsides, there may be some bounce back in business, but it probably won’t make up for the extended closures and cutbacks. Government assistance in the form of low- or no-interest loans will help with cash flow, but not with profits. So, let’s face it, you could very well have a tax loss for this year. What does this mean? Read More

COVID-19 and Small Businesses: 5 Big Surprises

In just a couple of months, the small business landscape has dramatically changed, in some instances forever. The medical impact of COVID-19 continues to be a focus of concern. The adverse economic impact—how long it will last and how deep it will be—remains to be seen. Having been through other economic setbacks in the past, albeit nothing like this one, I’ve had a number of surprises related to COVID-19 that I’d like to share with you.

4 Steps to a Paycheck Protection Program Loan

The Paycheck Protection Program (PPP) allows small businesses to obtain loans that can be forgiven on a tax-free basis.

There’s been tremendous interest in these loans, but much confusion about how to get them. Read More

Get Cash Now: 3 Good Options

“Get cash now” is the tag line in an ad offering cash to someone with a structured settlement. It’s also the battle cry for small businesses trying to survive this war against COVID-19. Many small businesses do not have enough cash flow needed to continue, but here are 3 ways to get cash quickly that may just help you through this viral and economic pandemic.

Protecting Your Brand During COVID-19

The pandemic has been devastating to small businesses across the U.S. Main Street America reports that nearly 7.5 million small businesses are at risk of permanently closing their doors (3.5 million of which may do so within the next couple of months). Small businesses that want to survive and have the financial ability to do so via PPP loans, their own resources, or other means must protect their brand to be able to reestablish themselves when stay-at-home orders are lifted. Read More

How to Compassionately and Legally Break Promises to Your Staff

At the end of February 2020, the federal unemployment rate was 3.5%. At that time, business owners were looking for ways to attract and retain valued employees. They made promises of new benefits and higher pay. But that was before COVID-19 became a reality in the U.S. Since that time, many small businesses have been forced to close down and lay off staff. Read More

Paying Promptly: Aren't We Legally and Morally Obligated?

Just about everyone—individuals and businesses—is struggling with cash flow. They just don’t have money on hand, which means it’s difficult if not impossible for them to pay their bills. Rents are going unpaid. Vendors are waiting past the usual net 10- or net 30-day payment deadline on invoices. Read More

Notes from a Mom with a Home-Based Business

Today, due to COVID-19, millions of parents are forced to work from home. At the same time, schools are closed and children are at home, too. Many families are trying to figure out how to make this new arrangement function well for everyone. Read More

COVID-19 Strategies: Prioritizing Your Bills

When Revenues Are Down

The COVID-19 pandemic has impacted businesses, some much more severely than others. Many businesses have seen their revenues dry up completely, while others have had less than normal activity.

Read the full article at SBE Council

The Talk to Have Now with Your Banker

Whether it’s to tap new sources of funding or get a break on payments for existing debt, a talk with your banker can help your studio or store get through this cash crunch.

Read the full article at Dance Magazine

All Tax Filing Deadlines Are Not Created Equal

April 15 used to be Tax Day. But due to COVID-19, the IRS has changed a number of filing deadlines so that most tax filing and payment deadlines that normally fall from April 1, 2020, through July 14, 2020, are extended to July 15, 2020. But not all federal tax deadlines have changed. And not all states have followed suit, leading to a very confusing situation.

Read the full article at SmallBiz Trends

*** Helpful Resources ***

Don't miss out on critical updates outlined in the free online Supplements for both tax books.

Find J.K. Lasser's Small Business Taxes 2020 Supplement here, and the online Supplement for 1001 Deductions and Tax Breaks 2020 here, and find the Additional Supplement for Coronavirus-Related Tax Changes here.

Watch this interview conducted by David Leopold highlighting my book, J.K. Lasser's Small Business Taxes 2020, and hear important small business updates and tips you can use!