Economic Recovery: Handle With Care

New data shows the economy is getting better...but recovery is fragile and largely dependent on historic government intervention. 

Retail sales for June gained 7.5%, a sign that Americans started spending again as states eased lockdowns and people received a heavy dose of extra income from the government. If you exclude purchases at gas stations—which fluctuate widely based on oil prices—retail sales just climbed back to a record high. 

Rising COVID-19 caseloads could put the momentum in retail sales at risk in July.

Virtual Mental Health Care through Cohen Veterans Network

Mental wounds are just as difficult to heal as physical wounds – and treating them is just as important. Through a national network of clinics, Veterans and their families are eligible for personalized, evidence-based mental health care. There is no cost for care if you don't have insurance

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Amazon to use tracking carts

 Called a “Dash Cart,” this dune buggy can detect items you drop in using a scale, sensors, and cameras. Then, when you exit the store through a special lane, it charges you—no need for a cashier. 

A few lessons from the oil crash

The date of April 20, 2020, will go down in history as the 1st time the price of a barrel of oil crashed below zero. The price war between Saudi Arabia and Russia, compounded by the unexpected impacts of coronavirus, sent the value of oil spiraling in mid-February.

What does all this mean for small and medium-sized businesses? 

* If, as a small or medium-sized business, you’re heavily invested in oil-related industries, now is a good time to diversify your portfolio.

* Consumer and business prices for oil-related products aren’t determined by the base price of a barrel of oil. There are other costs involved, including refining, distribution, packaging, etc. While slightly lower prices are likely, you shouldn’t count on pumping stations offering petrol for free just yet.

* Taxpayer-Backed Loans for SMBs Went to the Fossil Fuel Industry

Result:

Good financial management is essential to small and medium businesses. Many companies will shut down as a result of what’s happened over the last few months. And an even greater number will struggle to get back on their feet. That's why it's important to cut costs with no upfront fees at  BusinessRefund.com

Business Income Deduction

Business Income Deduction

With only two days left to file taxes, you should know that the Tax Cuts and Jobs Act drastically cut the corporate tax rate and it also introduced the qualified business income (QBI) deduction. The QBI offers a way to lower the effective tax rate on the profits of owners of pass-through entities. These include sole proprietorships (including independent contractors), partnerships, limited liability companies, and S corporations.

It's time for you or your CPA to see those deductions in seconds at BusinessRefund.com

Are you ready for the July 15 tax deadline?

                       

It may have paid to procrastinate this year, as the IRS touts accrued interest on refunds and waives penalties for Americans that owe. 

If you are a business owner in the US, you still have time to capture your tax benefits before filing. 

See your benefits in seconds at BusinessRefund.com

Small Business Jobs Added

According to the June 2020 ADP Small Business Report, small businesses added 937,000 jobs to the American economy from May to June.

The most jobs gains came from the smallest businesses, those with 19 or less employees. Those companies added 574,000 jobs from May to June. Companies with slightly more employees added 363,000 jobs in that time.

Goods-producing small businesses added the other 208,000 jobs in that time.