Freedom from complicated PPP loan forgiveness applications if your loan was <=$50K

The U.S. Small Business Administration, in consultation with Treasury, unveiled late in the evening of October 8 a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” Treasury Secretary Steven Mnuchin said in an October 8 press release. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he added.  “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds.  We continue to favor additional legislation to further simplify the forgiveness process.” 

Notably, instructions for SBA Form 3608S state that the new application requires fewer calculations and less documentation for eligible borrowers. “Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages,” the instructions state. Additionally, SBA Form 3508S does not require borrowers to show the calculations used to determine the loan forgiveness amount, though SBA may request such information and related documents as part of its loan review process.
The PPP Loan Forgiveness Application Form 3508S can be accessed online along with instructions.  Download Form 3508s here.

If you need assistance with your PPP loan forgiveness application, don’t hesitate to contact our office by email:

support@mtaustinandassoc.com

Stay well!

Join me at the Free Financial Wellness Seminar for Womxn September 12th in Philadelphia

You have the passion, you have the vision but you still worry. Will I ever stop living paycheck to paycheck? How do I manage the finances in my business? I’ve started my business now what do I do? Let me help you activate the wealth within you. I am a business visionary and accounting expert with 30 years of experience. It’s time to get beyond the vision and feel confident about your financial future.
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Click the link below to register for this FREE event sponsored by the African American Chamber of Commerce.

Looking forward to seeing you September 12th at 5pm!

https://aaofpanjde.chambermaster.com/eventregistration/register/1730

Equifax Data Breach Settlement: What You Should Know | Consumer Information

In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. Under a settlement filed today, Equifax agreed to spend up to $425 million to help people affected by the data breach. If you were affected by the Equifax breach, you can’t file a claim just yet. That’s coming. But you can sign up for FTC email alerts about the settlement at ftc.gov/Equifax.

We like to keep our community informed. You can find more information about credit and money management on our Restoration Station Facebook page.

Read the entire article below:

https://www.consumer.ftc.gov/blog/2019/07/equifax-data-breach-settlement-what-you-should-know?utm_source=govdelivery

Vacationing on a budget; the best of both worlds!

 

Summer is coming (finally!) or at least summer-like weather, and it’s the time we start thinking about taking a few days, a week or if you’re lucky, a few weeks off to go away and enjoy some time alone or with your family and or friends. We want to splurge and live carefree yet vacations can be expensive. Can you have the best of both worlds, enjoying a few days away at your favorite vacation spot, without blowing the budget?

Yes you can, and the earlier you begin planning, the better. If you signed up for our budgeting webinar, you’re half way there! If you haven’t , it’s not too late to check it out or follow these seven tips to a carefree, guilt-free summer vacation:

  1. Budget your dream vacation: Take some time to look through some of your favorite hotels, resorts and beach spots and start pricing the cost of your trip. Make a budget which will include travel (gas/tolls or airfare/train/bus), food (see #7 below) and lodging.
  2. Decide on your vacation date(s): This step is important because it determines how much time you have to save for the vacation you want. The great thing about time is it’s flexible, so you can move the date if you need more time!
  3. Open a vacation savings account: If your bank doesn’t have a vacation savers account, open up an online savings account. It doesn’t matter where, just so it’s either at a bank or credit union far from you or online where you’re able to have it automatically transferred from your personal checking account. Make sure it’s not connected to a debit card so that you cannot make any impulsive decisions to tap into that money for anything slight of a medical emergency!
  4. Have a family meeting: Financial freedom is a family affair so get the family together and make the committment to plan and save for the vacation if you plan to go with family. Share the ideas and budget for the trip and get everyone involved in decisions about where to go and how they can help keep down spending until the vacation date. Empower the children by giving them the role of keeping lights off when not needed and saving some of their allowance to spend on vacation or earning a few dollars helping a neighbor rake the lawn.
  5. Place a photo of your destination in a central place for inspiration: Sometimes you need help to keep your committment to save. I know for myself it helps to have the picture of my goal in my face when those shoe or clothing store sales fill my mail box and I get the urge to buy a new pair of shoes that I really don’t need. It is a good reminder for me to stay the course!
  6. Keep an eye out for sales: If you know you or the family will need beach gear, keep an eye out for sales on the items you need. The one trick I share in my online workshop is to create a separate email address to be used solely for signing up on retail websites to get the specials, coupons and discount codes. When I’m ready to shop online or in stores, I just do a search for the store’s name and pull up their latest coupon and shop!
  7. Splurge on the memories, not the meals: You don’t have to splurge on every experience just because you’re on vacation. The best part about involving the family is finding out what experience is most important for everyone involved. The best memories made on vacations are usually those related to quality time, and you should consider that when you are budgeting. Whether it’s Disney or the local beach, we save by going to the nearest market, buying easy breakfast and lunch ingredients the children can make for themselves and one or two family dinners we can have together. We splurge on the kites we buy for the beach, the waffle cones and that one incredible restaurant, theme park or overpriced adventure that we all wanted to enjoy just for fun or to celebrate a special occassion.

So get started dreaming about your ultimate vacation and make it happen. You have time and now you have a plan. Let us know if this was helpful and share those amazing vacation photos too!

~ Financial health is the pathway to wealth~

If you’d like information about our personal financial wellness services for individuals and small business owners, visit our store at: bit.ly/shopmtaa

Are you protecting your financial future?

#Financialwellness means purchasing a waterproof, fireproof chest to protect your important papers and computer backup in case of an emergency.

Are you prepared for a home fire or natural disaster?

Give the gift of education

One of the best gifts a parent or family member can give a child is the gift of education. Having a wealth mindset is asking your family to forgo the toys and wrap up a contribution to your child’s 529 Plan. It’s also a tax deduction so everyone wins! You have until December 31st to open an account if you haven’t already.

Many happy returns!

How to Balance Your Checkbook 101

I will be the first to admit it. I used my bank as an expensive line of credit. I would walk into a store knowing that I probably didn’t have enough in my bank account to purchase the item I wanted, but I purchased it anyway. I felt ashamed yet I knew that my bank would pay the retailer and I would get charged a fee later for insufficient funds. I told myself that the item was worth the additional fee I would pay. Then there were other times when I really thought I had enough money in my bank account and was shocked when I received a notice of insufficient funds in the mail from my bank and was charged the NSF fee for the three or four days I wasn’t aware of my actual cash balance.

I learned the hard way that knowledge is power and that if I took at least 30 minutes each month (or 10-15 minutes a week) to reconcile my checkbook to the bank statement or online banking detail, I could have saved over $500 in bank fees! In addition to bank fees I’ve sometimes found bank errors where the bank either didn’t credit me for the correct amount of my deposit or a merchant charged me twice through a debit purchase. I would not have recovered the money from these erroneous charges to my account if I hadn’t taken the time to reconcile my checkbook.

Now I make it a point to never walk into a store until I’ve reconciled my bank account and am confident I know how much money I have available to spend. If it’s something I want and don’t necessarily need, I will take a picture of it or write it down and add it to my “rewards” list. If it’s something I need, I will research on the internet to find a way to get it at a discount or a price I can afford. I may also consider checking with my bank to see if I can obtain a personal line of credit. I use my “rewards list” when I have the funds, as a way of rewarding myself for managing my money wisely or reaching another important professional or personal goal.

Stop guessing and stressing about the money in your bank account and invest time in yourself and your peace of mind and take these six simple steps to reconciling your checkbook. The Foundation for Financial Literacy has provided a valuable step by step illustration and worksheet that can be used for yourself as well as your teenager or college student.

Take a few minutes to move towards personal financial freedom. You may find a fortune in savings!

 

Sponsored by MT Austin and Associates, Your Accounting Solution!

 

#TaxTip: Six Important Facts to know before deducting a charitable donation

Groups - Adults and Business People
Groups – Adults and Business People

Welcome to Financial Freedom Press! It’s tax season and we will be sharing valuable information directly from the IRS website that will help you in filing your federal tax return. As always, MT Austin and Associates would be honored to provide your individual or small business, non-profit tax preparation services. We offer competitive pricing and personal attention. You can schedule a 15 minute consultation at your convenience by accessing our calendar HERE —> CALENDAR

or email us at austin@mtaustinandassoc.com. Wishing you Many Happy Returns!

Know these Facts Before Deducting a Charitable Donation

If taxpayers gave money or goods to a charity in 2016, they may be able to claim a deduction on their federal tax return. Taxpayers can use the Interactive Tax Assistant tool, Can I Deduct my Charitable Contributions?, to help determine if their charitable contributions are deductible.

Here are some important facts about charitable donations:

  1. Qualified Charities. Taxpayers must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. To check the status of a charity, use the IRS Select Check tool.

  2. Itemize Deductions. To deduct charitable contributions, taxpayers must file Form 1040 and itemize deductions. File Schedule A, Itemized Deductions, with a federal tax return.

  3. Benefit in Return. If taxpayers get something in return for their donation, they may have to reduce their deduction. Taxpayers can only deduct the amount that exceeds the fair market value of the benefit received. Examples of benefits include merchandise, meals, tickets to events or other goods and services.

  4. Type of Donation. If taxpayers give property instead of cash, their deduction amount is normally limited to the item’s fair market value. Fair market value is generally the price they would get if the property sold on the open market. If they donate used clothing and household items, those items generally must be in good condition or better. Special rules apply to cars, boats and other types of property donations.

  5. Non-cash Charitable Contributions. File Form 8283, Non-cash Charitable Contributions, for all non-cash gifts totaling more than $500 for the year. Complete section-A for non-cash property contributions worth $5,000 or less. Complete section-B for non-cash property contributions more than $5,000 and include a qualified appraisal to the return. Taxpayers may be able to prepare and e-file their tax return for free using IRS Free File. The type of records they must keep depends on the amount and type of their donation. To learn more about what records to keep, see Publication 526, Charitable Contributions.

  6. Donations of $250 or More. If taxpayers donated cash or goods of $250 or more, they must have a written statement from the charity. It must show the amount of the donation and a description of any property given. It must also say whether they received any goods or services in exchange for the gift.

Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.

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How to protect your finances before the New Year; ticket #4

Welcome to the Financial Freedom Press!  This newsletter is a publication of The Restoration Station the financial literacy division of  MT Austin and Associates,your accounting solution! The mission of  The Restoration Station is to help place you on the right track to financial freedom.  We offer FREE tools (tickets) and resources to support you on your journey to financial freedom and wealth!


TICKET #4: Shred documents with personal information

cr-shredderDo yourself a favor – if you don’t have a personal shredder, purchase one. There are a number low cost shredders made for home use that range from $15-$75 ; the lower priced shredders are made to sit on top of a small wastebasket. Mail theft is still common, especially during the end of the year when tax documents and year end banking and investment statements are often mailed to clients. Shredding your documents with personal and financial information instead of throwing them in the trash will lower your chance of being a victim of identity theft and fraud.

Don’t forget to also shred your old credit cards and insurance cards instead of throwing them in the trash. Most shredders come with ability to shred credit cards. Once your shredder is filled, instead of dumping it in the trash, bag it up and donate it to your local pet shelter! The shelters often use shredded paper when they run out of kitten litter; you will feel good that you’re donating to a worthy cause and recycling at the same time!

 

I hope you have found this “tool” useful. Please comment below if you have questions or feedback. If you haven’t already, please subscribe to our blog, Financial Freedom Press to read the previous three tickets . We also invite you to visit The Restoration Station on Facebook for FREE resources and weekly live broadcasts with valuable tickets and information for the individual household and entrepreneur.

MT Austin and Associates , sponsor of  The Restoration Station provides accounting, financial reporting and income tax services to corporations, non profits and individuals. If we can be of service, please do not hesitate to send a message to us from the contact page of our website. We appreciate the opportunity to be of service!

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How to protect your finances before the New Year; ticket #3

Welcome to the Financial Freedom Press!  This newsletter is a publication of The Restoration Station the financial literacy division of  MT Austin and Associates,your accounting solution! The mission of  The Restoration Station is to help place you on the right track to financial freedom.  We offer FREE tools (tickets) and resources to support you on your journey to financial freedom and wealth!


TICKET #3: Review your health insurance bills

surprised-women-reading-n-0012Insurance companies and doctor’s offices are not immune to making human mistakes yet most people don’t bother to look at the statements from their insurer before they pay the balance due or quickly file away the invoice when no payment is due.

Why is it important to check your health insurance bills? Your insurance bill could be an early detector of identity theft. Hospitals and doctor’s offices must request a copy of your identification and insurance card before they provide services. If you see a charge on your health insurance bill for an item, doctor, facility or date that you do not recognize it could be possible that someone used your identification. If you notice something wrong, contact the doctor or health facility’s billing department for a detailed description of the item. If you are certain that it was not your claim, contact your health insurance company  immediately to request an investigation into the charge and correct the error.

If the health office confirms the person provided accurate identification and you suspect that you are a victim of identity theft, visit ftc.gov/idtheft to file a claim.

 

I hope you have found this “tool” useful. Please comment below if you have questions or feedback. If you haven’t already, please subscribe to our blog, Financial Freedom Press to receive the fourth ticket and visit The Restoration Station on Facebook for FREE resources and weekly live broadcasts with valuable tickets and information for the individual household and entrepreneur.

MT Austin and Associates , sponsor of  The Restoration Station provides accounting, financial reporting and income tax services to corporations, non profits and individuals. If we can be of service, please do not hesitate to send a message to us from the contact page of our website. We appreciate the opportunity to be of service!

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