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Posted by on May 8, 2020 in Small Business Tips | 0 comments

COVID-19 Financial Relief Resources for Your Small Business

COVID-19 Financial Relief Resources for Your Small Business

This post was contributed by our partners at Bench. If your small business has been impacted by COVID-19, you have financial options. From federal loans to local grants, here’s a walkthrough of available resources to help your business stay afloat.  For any loan or grant application, we recommend getting your 2019 bookkeeping and taxes completed. This will put you in the best position to secure funding, and be eligible for loan forgiveness where applicable.  Have any questions at all about financing, bookkeeping, or taxes? Reach out to Bench and learn more.  Federal government relief  Paycheck Protection Program Weren’t able to get funding during the first round of the Paycheck Protection Program? Good news: an additional $310 billion of funding has been approved by the federal government. This newly updated bill makes additional guarantees that at least $60 billion must be granted by small banks, community financial institutions, and credit unions to ensure that truly small, local businesses get a chance at funding.  The highlights:  The funding is meant to...

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Posted by on May 1, 2020 in Personal Finance | 0 comments

How to Reduce Your Expenses (Sustainably and Effectively)

How to Reduce Your Expenses (Sustainably and Effectively)

In the time of COVID-19, many of us are understandably anxious. With doomsday headlines about record unemployment numbers and businesses closing their doors, it’s difficult to escape feelings of uncertainty.  Most of us know somebody who’s lost a job or had a salary cut, whether or not we have personally been impacted. So it’s understandable that many people are thinking about how to make more money or spend less of it. Even if your income has not been impacted by COVID-19, boosting your savings account is never a bad idea. Reducing expenses can also put you in a place to more freely help others who may have been more severely impacted by the pandemic.  Fortunately, reducing expenses doesn’t have to be complicated. We’ve put together some simple steps you can follow to effectively spend less money. Understand Your Cash Flow To effectively cut your expenses, you need to understand money going out and money coming in. If you are an avid budgeter, then you probably understand this pretty well....

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Posted by on Apr 15, 2020 in Small Business Tips | 0 comments

4 Steps to Getting Your Business Through COVID-19

4 Steps to Getting Your Business Through COVID-19

Our partners at Bench are here with some action items that you can implement right now to help your small business confidently face whatever comes next. With the effects of COVID-19 rippling through the economy, it’s easy to feel overwhelmed. Many businesses are being forced to shut their doors temporarily. What should you do first? How can you protect your finances in a volatile economy? 1. Understand your business’ current financial position It’s always a good idea to have a handle on your numbers, but this becomes doubly important during times of economic uncertainty.  A clear understanding of your company’s financial position lets you immediately see where you can cut costs, what expenses you can justify, and what debts might need to be renegotiated or deferred. Evaluate current assets and loans and see what can be leveraged during this time.  A clear understanding of your company’s financial position lets you immediately see where you can cut costs, what expenses you can justify, and what debts might need to be...

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Posted by on Apr 8, 2020 in Product Updates | 0 comments

Record and Deduct Sales Tax Effortlessly With Shoeboxed

Record and Deduct Sales Tax Effortlessly With Shoeboxed

Deducting sales tax just got easier  All Shoeboxed customers now have the power to add a new data field to their digitized receipts: sales tax, value-added tax (VAT), or goods and services tax (GST).  Once you opt-in, Shoeboxed will begin scanning sales tax/GST/VAT information on future receipt submissions. This information will then be included in your digitized receipts for you to organize as you see fit.  Taking advantage of this feature means you won’t have to hunt down and mine your receipts for sales tax data: we’ll store that information for you so you can deduct sales tax quickly and easily.   Try Shoeboxed Free for 30 Days PS, haven’t filed your taxes yet? Here’s everything you need to know about the new tax deadline. More money in your pocket  Deducting your sales tax reduces your tax liability and ultimately puts more money in your pocket. When you opt-in to tracking your sales tax data, we’ll make it easy for you to report on and deduct it.  Not sure...

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Posted by on Mar 31, 2020 in Small Business Tips | 0 comments

Everything You Need to Know About the New Tax Deadline

Everything You Need to Know About the New Tax Deadline

What the New Tax Deadline Means for Your Refund, Who It Applies To, and More  April 15th is synonymous with one thing for most Americans: taxes. This day marks the typical deadline to file (and pay) income taxes for the majority of individuals and businesses. But things are a little different this year. In light of the global outbreak of COVID-19, the IRS recently announced that the deadline for filing 2019 taxes and tax payments has officially been extended to July 15th, 2020. This change marks a 90-day extension to file income taxes.  Of course, the most important thing to know about the deadline change is that individuals and small business owners now have until July 15th to file and pay their taxes. But who does this extension apply to? What does this mean for refunds?  A change like this can spark a lot of questions. That’s why we’re answering some of your most pressing questions about the new tax deadline below.   Who does the new tax deadline apply...

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