The Bottom Line Inc

If you own a small business, it’s important to keep good records especially for tax planning purposes. The IRS has helpful information to keep you on track. To learn more, click here: https://go.usa.gov/xfvU9

Home Schooling, Household Employees, Nannies and childcare at home. Do you have children at home during this time of Covid? Childcare and schooling are a major issue for many right now. There are several options (including quitting your job), but it may be less expensive for you to hire someone to come to your home and care for your children or join with other parents to hire an in home childcare/teacher/nanny.. The IRS categorizes this person as a Household Employee. House...hold employees are people who perform work in and around your home. They include babysitters, caretakers, nannies, housekeepers, and yard workers. If you do hire a household employee, you will need to withhold and pay their Social Security, Medicare, and Unemployment taxes. You must pay Social Security and Medicare (FICA) taxes for each qualifying household employee who earns above the IRS threshold of $2,200 in 2020 and pay federal unemployment (FUTA) tax for each employee you pay $1,000 or more in a calendar quarter. Many agencies will charge over $75 per month to run your payroll. I have devised a spreadsheet as well as a set of processes for household employees. I charge $200 current for 1040 tax prep clients ($300 for non-tax prep clients) and I'll give you a spreadsheet for you to calculate payroll for each employee for withholding tax, your share of taxes for up to 2 household employees. Each quarter I charge $75 for estimated payments filings and At the year-end I charge $75 for the preparation of W-2s for up to 2 household employees. Please shoot us an email ([email protected]) if you would like more information

need help with paying your rent https://phlrentassist.org/phase-2/

There is still time to get your PPP loan. if you are a small business and have not applied why not?

This has been our longest tax season!!! Our office will close tomorrow July 14 at noon and we will not be seeing clients till August 17 2020 You can Schedule your appointment: https://calendly.com/thebottomline or visit us online at www.TheBottomLineinc.net We will return calls and emails within 4-5 business days during this time. We appreciate your business and thank you for another great tax season.

PHILADELPHIA businesses That need help opening up http://www.pidcphila.com/restart-phl-loan-fund

Small business grants in Philadelphia business is affected by Covid-19 Applications Open up this week http://pidcphila.com/pabusinessgrants

I wish I did not have to write this, but our country has been and still is racist. It is sad to see the news of countless murders and lives being cut short due to violence. I appreciate all of my clients but I know that my clients of color have been treated differently than the other business,have an additional struggle just because of the color of their skin in addition to the struggle of being a small business. I do admire and gain strength from your courage and for...titude. That is all nice to say but what can I do? 1. I would like to put my "money where my mouth is" please respond back to me with an organization that you would like The Bottom Line to donate money to. I will donate $100 for each of my black clients as you direct me to a 501(c)(3) organization that you want to support. I'm grateful you've trusted me and chose me as your account. (I am committing about $5,000 if each of my black clients give me an organization to donate to.) 2. I will put a list of all the organizations that you have advised me to donate money to on The Bottom Line's Facebook page. I will let everyone vote and donate an additional $500 to one organization. I will encourage all ofThe Bottom Line Clients to also donate to the organization's you suggest. 3. I will commit to find businesses who are black-owned when I need to buy supplies and or pay for services. Please make suggestions here and I will also list them on our Facebook Page. 4. I will learn how to be anti-raciest. Actively rebutting prejudices in my own circles. 5. I will offer all black owned businesses a discount for the remainder of 2020 and for the entire year of 2021.6. I'll vote. 6. I'll listen, tell me what else I need to do, what else can I do? How can I help? In the words of Emerson College president Lee Pelton, This is not a black problem, but a structural issue built on white supremacy and centuries of racism. Walter Moyer, AccountantThe Bottom Line Inc.

Free event for new small business owners.