Sandy Botkin, CPA, Esq. and Author, speaks with Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast. In this COVID-19 Special Edition episode, Sandy provides a comprehensive overview of the economic stimulus package benefitting small business. He also shares advice on how to run your business like a business versus a hobby.
- What is the Small Business Relief Act and what are the benefits?
- What is “can’t work money”?
- How does the Family Leave Credit work?
- What is the Paycheck Protection Plan and does it include independent contractors?
- What is SBA loan money and how can you apply for it?
- Can you get SBA loan money and use the Payroll Protection Plan as well?
- How will incurred net losses be carried forward?
- Sandy highlights what you need to know about withdrawing money from your retirement plan under the new rules.
- What is mortgage assistance and should you explore refinancing?
- Is there a certain income your business has to make before it qualifies or is the stimulus for any business?
- Sandy provides an overview on his consulting services.
- How do you differentiate a business from a hobby?
- Sandy shares common myths about keeping receipts for expense tracking.
- What is income shifting and why is this strategy important for small business?
3 Key Points:
- There are many benefits available through the current economic stimulus package and many of them apply to independent contractors.
- You can apply for multiple loans or multiple benefits, but they will integrate.
- Some of these programs are capped, so move quickly to receive potential access to these benefits.
- “In many cases, you’ll be almost as well off as you were before things started going south.” – Sandy Botkin
- “By doing something you will save a tremendous amount of money and you’re going to make your life a lot less taxing.” – Sandy Botkin
- Sandy Botkin Website: https://taxbot.com/
- Free Midas Membership Until 5/15/2020: https://taxbot.com/giveback/
- Lower Your Taxes Big Time (Book): https://www.amazon.com/Lower-Your-Taxes-2019-2020-Reduction-ebook/dp/B07HY9RYQ1/ref=sr_1_1?crid=2T3R34FT9KFWB&dchild=1&keywords=lower+your+taxes+-+big+time+2019-2020&qid=1586316575&sprefix=lower+your+taxes%2Caps%2C215&sr=8-1
- Achieve Financial Freedom Big Time (Book): https://www.amazon.com/Achieve-Financial-Freedom-Wealth-Building-Millionaires-ebook/dp/B009411FD2/ref=sr_1_8?crid=2T3R34FT9KFWB&dchild=1&keywords=lower+your+taxes+-+big+time+2019-2020&qid=1586316599&sprefix=lower+your+taxes%2Caps%2C215&sr=8-8
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