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How The Paycheck Protection Program Will Affect Fitness Studio Taxes
Jim Dew, an experienced Wealth Manager and owner of Dew Wealth Management, has an IMPORTANT MESSAGE about how your Paycheck Protection Program funds will affect your taxes:
“The IRS came out with some guidance and they said if you get a PPP loan AND you get forgiveness for qualified expenses, then those expenses you can NOT also take a tax deduction for.
So, even if the things you’re spending your Paycheck Protection Program money on are normally tax-deductible, they won’t be when it’s time to file your 2020 taxes.
Just track everything so down the road you’re not hit with a tax expense that you’re used to normally deducting.”
While it’s not the best news when you needed this money to keep your business going and your employees paid, it makes sense, right? I know… you and I are in the same boat. Ideally, I’d like to pay fewer taxes too. However…
The government isn’t going to allow tax-deductions on government money. BUT…
Here’s The Good News About The Paycheck Protection Program And Fitness Studio Taxes
Thanks to Jim, you’re WAY ahead of the game and can prepare in advance. Imagine getting this news during tax season when you’re in the middle of filing!
Now is the time to look at other ways where you can save on taxes or recoup/balance that money out, and I have a few ideas in this episode.
Plus, I’ll run through the exact conversation I’m going to have with my financial team now (not later), and I recommend you have this conversation now as well—versus having it during tax season when it’s way too late to formulate a plan of action.