Booker T Camper, Jr CPA PLLC

Booker T Camper, Jr CPA PLLC


Please feel free to read our client newsletter. It is provided to keep you up to date on the latest tax and accounting news.


August 2020

Get a head start on your tax planning by reading about four new laws to help you in 2020. Also find out whether your business should incorporate and what you can do to increase the chances that your PPP loan is forgiven. Also included in this edition are mistakes to avoid when refinancing your mortgage.

Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them.

Contents

NEW Tax Rules for 2020!

Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation.


Should You Incorporate Your Business?

Is It Time To Incorporate Your Business imageYou may have started your business as a simple sole proprietorship that files its taxes as a Schedule C on your Form 1040. As your business grows, you may want to change the structure. Here are several scenarios where it may make sense to do just that.

Reasons to Create Business Entities

What you need to do

There are several different business entities to consider, including corporations and limited liability companies. There are pros and cons to each entity that must be considered. Added to the complexity are constructing the correct legal filings and related tax obligations for sales tax, income taxes, unemployment and workers' compensation.

The process of selecting the right structure for your business is not for the faint of heart. Develop connections with professionals that can walk you through this decision-making process.


Don't Make These Mortgage Refinancing Mistakes

With 30-year fixed rate mortgages approaching historical lows of 3%, you may be thinking about refinancing an existing mortgage. But you better read the fine print before signing on the dotted line to avoid paying too much money. Here are some common mistakes homeowners make when refinancing their mortgage.

By being aware of refinancing pitfalls, you can actively eliminate any surprises and create a situation where multiple lenders are fighting for the right to lend you funds.


Build a Fortress Defense for PPP Loan Forgiveness

Build a Fortress Defense for PPP Loan Forgiveness imageMore than 70% of small businesses in America now have loan proceeds from the Paycheck Protection Program (PPP) to help retain employees during the current pandemic. The entire amount of a PPP loan is eligible to be forgiven if the funds are used for qualified expenses. Recent legislation liberalizes the terms of loan forgiveness for funds used for payroll, utilities and rent. It is now based on a 24-week period, not just eight weeks.

But how can you best position your company to fully benefit from PPP loan forgiveness? Here are five tips to help meet the challenge.


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