$10,000 EIDL GRANT

I’ve been incorporated as an S Corp for 24 yrs. It’s not a big deal. When taxes are filed, a % is subject to SS taxes. I pay myself through draws, never pre pay estimated quarterly, I do pay a small % (penalty) of what’s owed, but it’s not much. Keep track of expenses and give the numbers to Accountant that does my taxes, it works out well. For $100 a month, I could send in my receipts monthly, and get proper accounting of everything, includes filing taxes. Probably be better if I did, but it has worked this way for years. Not exactly a Big Operation over here. Pretty Simple.

 

That’s why I keep my old Truck, everything is worth what it’s worth at any given time. The real cost is the price of equipment, and the way it affects your decisions. Having that burden over my head, was a problem, in tough times. Never lost a Truck,(3) but had to get very creative, a few times. Especially with rising maintenance in the last bit of a used Truck loan.

 

Then the recaptured amount has to go towards the new purchase, to avoid taxes. It’s a treadmill, to encourage re investment. A tax loophole that benefits Manufacturing and Bankers, IMO. Same with the coveted Mortgage interest deduction, take it away, and housing values would drop to reflect actual values. More of an incentive to borrow, benefits Banks in reality. But the Government sells it as a Consumer benefit. Just my opinion. Don’t mean to derail the thread. I just question “ The System” and it’s true motives.

 

That’s the proper way to do it. Having documentation ready when needed has definitely been to your advantage. I’m still waiting on my 2019 tax returns, to increase my unemployment from $760 to $962. Got 1 week so far, without documentation. I see a future for you in payroll consulting, Lol. Seriously you have figured all this out very well, I’d say you have a knack for it.

 

Not anymore, if you trade or sell a piece of equipment you will pay a gain on it.

 

That’s why I don’t even try to do taxes. Lol

 

Better to put money into primary residence, sell tax free, since 1996. Unless they changed that too!!

 

Honestly that's a whole different can of worms, FL's unemployment is a disaster during this because apparently the online filling has been broken for years and they never bothered to fix it then this happened and only way people could apply was on the broken webpage.

2 weeks ago they said only 5% of the people who filled for unemployment have gotten it in FL. Added bonus is the state wont let you sign up for the $500/week from the federal govt unless you are approved for state unemployment.. At least that's what I've heard..

On flip side.. I just got the $1k EIDL bank deposit to my bank today out of the blue. I've had zero contact from them, no credit pulls. I have no access to the portal but they did out of the blue deposit the $1k. I'm amazed..

I was a 330399xxxx number for those still waiting