Taxes — Small Business Majority Community https://community.smallbusinessmajority.org/ Thu, 29 Apr 2021 05:23:27 +0000 en Taxes — Small Business Majority Community Feedback: Did the candidates deliver on the small business issues you wanted to see addressed? https://community.smallbusinessmajority.org/discussion/139/feedback-did-the-candidates-deliver-on-the-small-business-issues-you-wanted-to-see-addressed Wed, 30 Sep 2020 13:20:06 +0000 Community Digest and Discussion Kevin_SBM 139@/discussions Question:

With the first presidential debate out of the way, did the candidates deliver on the small business and economic issues that you wanted to see addressed? Share your thoughts with us below!

Disclaimer: Please note that Small Business Majority is a 501(c)(3) organization. For election purposes, this means Small Business Majority does NOT directly or indirectly participate in, or intervene in, any political campaign on behalf of (or in opposition to) any candidate for elective public office.

]]> taxability of SBA Disaster Loan (Grant portion = $10,000), PPP loan to Applicants & Recipients https://community.smallbusinessmajority.org/discussion/87/taxability-of-sba-disaster-loan-grant-portion-10-000-ppp-loan-to-applicants-recipients Tue, 07 Apr 2020 03:07:34 +0000 COVID-19: Resources and Discussions for Small Businesses haruchandesu 87@/discussions I have a question about the taxability of the so-called "grant" portion, i.e. $10,000, from SBA Disaster Loan and of the loan approved and provided by SBA-registered banks.

I already knew that the PUA (Pandemic Unemployment Assistance) is taxable on 2020 return, as well as the UI received from States.

But I am not sure if those above loans and grants are taxable for 2020. At least, I don't think that any loan is a loan, so that it is not taxable, because it has to be repaid. But I am not sure of the grant portion.

Could you, or somebody, explain the taxability?

Thank you.

Harumi

]]> 5 Year-End Tax Moves For Small Business Owners https://community.smallbusinessmajority.org/discussion/62/5-year-end-tax-moves-for-small-business-owners Wed, 04 Dec 2019 18:30:29 +0000 Community Digest and Discussion Zachary_SBM 62@/discussions In this week's article, Forbes looks at 5 important tax moves small business owners should consider before the end of the year.

Do you have any best tax practices that are missing from the article? Do you have any experience with the tax-saving moves discussed in the article? Let the community know!

5 Year-End Tax Moves For Small Business Owners

Forbes
December 3, 2019
While tax season may be months away, December 31st will be here before you know it. The fourth quarter is the time for some proactive tax planning to lower your 2019 tax bill. With extensions, you may be able to delay filing your 2019 taxes until late 2020. However, many tax-saving moves need to be made before the end of the year.

]]> What are 3 Financial Challenges Small Businesses Are Facing? https://community.smallbusinessmajority.org/discussion/27/what-are-3-financial-challenges-small-businesses-are-facing Thu, 10 Jan 2019 00:07:32 +0000 Business Management & Operations Levar 27@/discussions Hello All,

I design and implement strategies to help my clients improve processes to reduce costs and increase revenue. Outside of financing, what are 3 financial challenges that small businesses are facing?

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